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FAQ

For LLC partnerships, are members taxed for profits received or percentage of company-owned?
The IRS makes it confusing, but here’s a trick to understanding it.The Taxpayer is not taxed, the income is taxed.The IRS does not tax ownership of assets (wealth), only income.The person to whom the income is assigned, now identified as the “Taxpayer,” is responsible for reporting the income, and for paying the taxes.The LLC partnership will file a Form 1065 information return, which will show the income and expenses and then the profit (net income).The form will include a Schedule K-1 (Form 1065) for each partner which will show that partner’s share of income/loss, deduction, credits and other items.The partner will transfer these numbers to his personal tax return, Schedule 1040, on Schedule E, and elsewhere, based on the instruction that will be included with the Schedule K-1.There are two very important things to note.1.) Once the Form 1065 is filed, and a copy of your Schedule K-1 is sent to the IRS, you will be expected to pay the taxes on the income, whether you receive it or not. If the LLC retains the money to do renovations, or any other reason, you still owe the taxes.2.) With a partnership, your percentage of income allocation does not have to match your percentage of ownership, if the Operating Agreement of the LLC assigns a different amount.I hope this helps.Good Luck.Michael Lantrip, Attorney | Accountant | InvestorMichael Lantrip
Where can I e-file Form 1065 and Schedules K-1 for free?
I used taxsoftware.com for several years in a row to do my 1065 and K-1s. Although the interface was kind of “rinky-dink” (as another answerer put it), I was able to make it work. They were always quick to answer and resolve my questions. It got the job done and it was much cheaper than the alternatives.This year I went to do my 1065 — and got“DNS address could not be found.” A little annoyed, I sent an e-mail to their old help address. It bounced, of course. Then I did some searching just to see if anything else turned up.This is what I found: On February 27, 2016, the people who made taxsoftware, Alessandra and Mickey Buarque de Macedo, died in a car crash along with their son.He was going 115 mph. They were driving to a school play. Then, a deadly crash.Driver Sentenced to 12 Years in Crash That Killed 3 Members of Bethesda FamilySite of River Road Crash That Killed Family Undergoing ChangesAside from using their software — on the last occasion, just a week or so before their deaths — I didn’t know the Macedos. I didn’t even know their names. But I appreciate that they made my life a little better, and I thank them for that. It’s making me think about how to be sure that I make other people’s lives better too. It could happen to any of us, any time.
1 S-Corp, 1 2-person LLC, 1 app in the App Store (sole pp) and none of them make money, plus full time gov job, can I use something like TurboTax?
You can, but as Mark Rigotti notes you're still going to have to lay out a fair chunk of change up front. Plus the chance of making a mistake is non-trivial. Seriously - pay a professional. There are way too many moving parts here for someone not trained in taxes to handle.You asked one question in a comment that I can answer. Your partner will receive a Schedule K-1 from the partnership for his distributive share of the profits from the partnership. The K-1 is generated as part of the preparation of the partnership's Form 1065, and comes with its own set of instructions that tell the partner where the information on the K-1 goes on the partner's individual return.
Is there a way to tell if K1 Partnership Distributions in Box 19A were made in cash or if they were made in marketable securities?
If the Schedule K-1 includes marketable securities, the partnership is required to separately identify both the fair market value of each security on distribution and the partnership's adjusted basis in each security immediately prior to distribution. See Partner's Instructions for Schedule K-1 (Form 1065) (2013 ). Generally this information appears in a supporting statement that comes to the partner with Schedule K-1. The partner needs to use this information to determine the partner's basis in the securities and whether or not there is any gain to be reported.
Do you need to file a schedule K1 if there is no income or loss that year?
A K-1 is used for many entities but I'll assume you mean a partnership. The IRS partnership instructions clearly sayExcept as provided below, every domestic partnership must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes.So no, you usually would not have to file a 1065 or a K-1 if no there was no income or expenses.The above may not be true for state K-1s
I dissolved my C-Corporation, which forms do I need to file an extension for my federal and state income taxes?
You would file a Form 7004 for Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns and you may find the form and instructions at: http://www.irs.gov/pub/irs-pdf/i... .If you have a valid 6-month Federal tax extension (IRS Form 7004), you will automatically receive a 6-month Delaware tax extension. In that case, do not submit a separate state extension request to the Delaware Division of Revenue. Just remember to attach a copy of Form 7004 to your Delaware return when it’s filed.In the State of Delaware you would file a Form 1100-EXT. A state tax extension only gives you more time to file, not more time to pay. You are still expected to pay your Delaware tax liability by the original deadline of your return (April 1). Failing to file and/or pay on time will result in penalties and interest charges.Use Form 1100-EXT (Corporation Income Tax Request for Extension) to apply for a Delaware tax extension. If you are making a payment with your extension, use Form 1100T-EXT (Corporate Request for Extension Voucher).Hope this information is helpful. Have a nice day!
Where should we file IRS Form 7004 for getting an extension for a corporation registered in Delaware?
See Where to File Form 7004. It's based on where the principal place of business is located (which I assume is in Canada).
I need to pay an $800 annual LLC tax for my LLC that formed a month ago, so I am looking to apply for an extension. It's a solely owned LLC, so I need to fill out a Form 7004. How do I fill this form out?
Right now, you do not need an extension (Form 7004).  However, time is running out for you.  You should pay your $800 LLC fee no later than April 15, 2014 (for the 2014 tax year), assuming your company is using a calendar year (December 31) as its year end.  If you fail to do so, you'll incur unwanted interest and penalties along with the fee (which is never a pleasant experience).Here is the form you'll need to fill out and mail along with your check.
What form do I use to pay my taxes when I make money as a freelancer?
The answer varies wildly on your country and how/if you have incorporated. I’m an engineer by training, but I’ve overseen tax filing for a few companies. All of them U.S. based C-Corps, but have been through the conversation of filing with LLC’s.If you’re in the U.S. and working as an individual, partnership or LLC filing as as partnership, you should receive a 1099 from your clients. With that information you’ll file a Schedule K-1 for the business income. Personally you’ll have to file Form 1040 as you normally would for your income tax filing.If you work through a C-Corp you will complete IRS Form 1120 (1120S if filing as an S-Corp). As an employee of the C-Corp or S-Corp, you’ll have income as indicated on your W-2 and will have to file Form 1040 for your individual income tax filing. You have to pay yourself a “reasonable” salary before taking dividend payments.If you didn’t incorporate, I believe you include income from the 1099-MISC on your Form 1040 but truthfully I’m not sure about that one.Hope this helps!