Business and Personal Taxes for a LLC Partnership?
Myself and my partner Jenny started an LLC Partnership in October of 07. For taxes do I file my personal taxes first then file my business taxes or how would I or we do this. We both own 50% of the business. Please help. Thank you
Another thing is should we both go in and do our taxes together?
File Form 1065 for the LLC first.. then whatever income or loss for the year from the LLC will be flowing through to your individual tax return. A Form K-1 should be given to each partner showing his or her share of income or loss from the LLC.
Assuming each of you has a 50% interest in the LLC, each will report 50% of the LLC income (or loss) on the individual tax return (Schedule E, page 2).
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File Form 1065 for the LLC first.. then whatever income or loss for the year from the LLC will be flowing through to your individual tax return. A Form K-1 should be given to each partner showing his or her share of income or loss from the LLC.
Assuming each of you has a 50% interest in the LLC, each will report 50% of the LLC income (or loss) on the individual tax return (Schedule E, page 2).
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