Accountants Advice

Hey guys, hoping for an accountant to answer this or someone that knows. Back in April I filed an extension for my taxes because I had to get my receipts together and didn't have enough time. I was a sole proprietor last year with a W2 for myself and wife.

Is it possible to amend my taxes for 2016 because I didn't deduct as much expenses because I wanted to show more profit in case I had to go to the bank or wanted to buy a home after 2 year income.

The thing is I haven't registered my business as LLC or S corp. Can I go to an accountant on Monday and register my business and have my taxes from 2016 show as my business and have them do my W2's for 2016 separate? Thanks

You have to file a 1040X. I did it in the past plenty of times with no problems. I'm not an accountant so I can't answer you question to change your business to a LLC for 2016. I do believe the accountant can do that. Basically, you're trying to setup a business and show that income you made in 2016 because your self employed and want to show the bank proof. If you want loans it will be hard to go to the bank and not show a registered business.

Quit925today said:

Hey guys, hoping for an accountant to answer this or someone that knows. Back in April I filed an extension for my taxes because I had to get my receipts together and didn't have enough time. I was a sole proprietor last year with a W2 for myself and wife.

Is it possible to amend my taxes for 2016 because I didn't deduct as much expenses because I wanted to show more profit in case I had to go to the bank or wanted to buy a home after 2 year income.

The thing is I haven't registered my business as LLC or S corp. Can I go to an accountant on Monday and register my business and have my taxes from 2016 show as my business and have them do my W2's for 2016 separate? Thanks

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What the hell took you so long? lol You can amend your 2016 taxes and send it in. If you extended your taxes and supposedly owe for the October 16th deadline I would have the accountant do it. He can setup your business for 2016 and going forward... this is what they are for! I think you can amend taxes up to 3 years back. The IRS will work with you but you will have to pay penalties.

Also, you said you want to buy a home? Get your business structured right as soon as possible and if you show a good net income from 2016 and have good credit you can try to get a mortgage with 1 year self employed income. My buddy did it not too long ago. Freddie mac is making it easier to get mortgages for the self employed https://themortgagereports.com/18303/mortgage-self-employed-1099-business-get-approved