What forms do I need to file my taxes for 2021 as a musician with an LLC?

You'll need several forms based on your situation, but it's not as complicated as it might seem! First, you'll file Form 1040 (the main individual tax return). Since you have self-employment income from both your pianist work (1099) and your food truck LLC, you'll need Schedule C (Profit or Loss from Business) for EACH business - so two Schedule Cs total. These will detail your income and expenses for each business separately. You'll also need Schedule SE (Self-Employment Tax) to calculate the self-employment taxes you owe on your net profit from both businesses. For your charitable donation to the American Cancer Society, you'll use Schedule A if you're itemizing deductions. However, if you're taking the standard deduction, you can still deduct up to $300 ($600 if married filing jointly) of qualified charitable contributions directly on your Form 1040. If your food truck LLC purchased any major equipment, you might need Form 4562 for depreciation.

I was in the exact same situation last year with multiple self-employment streams and an LLC. I tried doing it myself and made so many mistakes I ended up getting a letter from the IRS about missing forms. Then I discovered https://taxr.ai which literally saved me! You upload your documents and it tells you EXACTLY which forms you need based on your specific situation. For me, it identified that I needed some additional forms for my home office deduction that I had totally missed. The step-by-step guidance really helped me understand not just which forms to file but how they all connect together. Seriously worth checking out if you're doing this yourself.

Just wanted to follow up about https://taxr.ai that someone mentioned earlier. I was skeptical but decided to try it for my taxes this year since I also have a mix of 1099 work and an LLC. Wow - it actually identified that I needed Form 8829 for my home office that I use for both businesses, plus pointed out that I could use Form 4562 for some equipment I bought for my LLC that I had no idea I could depreciate! The document analysis actually saved me way more money than I expected because it found deductions I didn't know I qualified for. Super impressed and definitely using it again next year.

If you're trying to get clarification directly from the IRS about which forms you need for your specific situation, good luck getting through to them on the phone. I spent literal DAYS trying to talk to someone. I finally found this service called https://claimyr.com that got me through to an actual IRS agent in about 20 minutes. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c For situations like yours with multiple businesses, sometimes getting direct answers from the IRS is the only way to be 100% sure you're filing correctly. The agent I spoke with was actually really helpful and walked me through exactly which forms I needed for my two separate businesses.

I have to eat my words about Claimyr being a scam. After my skeptical comment, I decided to try it myself since I was desperate to talk to the IRS about my business taxes. It actually worked exactly as described. I got a call back in about 45 minutes, and was connected with an IRS agent who answered all my questions about which forms I needed for my contractor work and side business. Saved me hours of waiting on hold and stressing about whether I was filing correctly. The agent confirmed I needed two Schedule Cs and helped me understand how to properly categorize some business expenses I wasn't sure about. Worth it just for the peace of mind.

Don't forget Form 8995 if your qualified business income allows you to take the QBI deduction! With your food truck LLC and music contracting, you might qualify for the 20% qualified business income deduction, which could save you a bunch on taxes. Also, since you mentioned business losses, make sure you're tracking everything carefully - the IRS looks closely at Schedule Cs that show losses, especially for multiple years.

Do you have any employees for your food truck? If so, you might need to file employment tax forms like 941 quarterly and W-2s annually. Also, if you made estimated tax payments throughout the year, make sure to include Form 1040-ES information on your return.

One more thing - since you donated to charity, you can deduct up to $300 as a cash contribution directly on your 1040 even if you don't itemize deductions. For 2021 they kept this special rule from the COVID relief bills. Anything over $300 would require itemizing with Schedule A.