Best way to handle personal and LLC?

The LLC is simple: single owner, no payroll, no sales tax. Just income + expenses. Should I use a single Quicken file to manage both my personal and LLC? Or should I use 2 separate Quicken files?

Thanks!
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Best Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Answer ✓
    Are taxes for the LLC reported on your return (Schedule C or E) or it's own return?  If the latter, the LLC should probably be in it's own file.  If the former (as were mine), a single file is fine.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited April 7 Answer ✓
    I think I would have 2 separate data files if taxes returns will not be filed on my tax return.  My main concern would be making sure I do not intermingle personal data with the LLC data in reports and planning tools, especially related to tax reports, the Tax Planner, budgets and the Lifetime Planner tool.  I'm sure it could be done but how much effort would be involved in setting everything up properly, maintaining it all and then troubleshooting/fixing the issues that are sure to come up at times that are caused by intermingled data.  IMO, having 2 separate data files would be so much cleaner and would involve a much lower level of effort.
    If taxes for the LLC will be reported on my individual tax return I think I'd use a single common data file.
    (QW Premier Subscription: R39.23 on Windows 10)

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Answer ✓
    Are taxes for the LLC reported on your return (Schedule C or E) or it's own return?  If the latter, the LLC should probably be in it's own file.  If the former (as were mine), a single file is fine.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited April 7 Answer ✓
    I think I would have 2 separate data files if taxes returns will not be filed on my tax return.  My main concern would be making sure I do not intermingle personal data with the LLC data in reports and planning tools, especially related to tax reports, the Tax Planner, budgets and the Lifetime Planner tool.  I'm sure it could be done but how much effort would be involved in setting everything up properly, maintaining it all and then troubleshooting/fixing the issues that are sure to come up at times that are caused by intermingled data.  IMO, having 2 separate data files would be so much cleaner and would involve a much lower level of effort.
    If taxes for the LLC will be reported on my individual tax return I think I'd use a single common data file.
    (QW Premier Subscription: R39.23 on Windows 10)
  • triple.vee
    triple.vee Member ✭✭
    @NotACPA and @Boatnmaniac thank you. That was my thought as well. Just wanted to confirm.

    (Yes, the LLC files its own return...right now via 1800accountants.com but I'm finding that service too expensive for my needs and the web interface is so cumbersome).
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