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What is the difference between Form 1040 and 1065?
A 1040 is a tax form for an individual or a married couple.A 1065 is for a partnership income.
My business partner and I have registered a LLC in Wyoming. We are a softwarestartup and have not yet made any income. Neither of us is a resident of theUSA and we do not operate the business from there, although in the future allour revenue for our software product will be from US businesses. What are ourobligations in regards to filing taxes for the LLC? Is it just form 1065? Dowe also need to file a personal tax return as I understand an LLC is a passthrough entity? Neither of us has an ITIN yet.
A partnership is a passthrough entity meaning all the profits andor losseswill flow through to you the individual owners. You do have to file a Form1065 for the LLC if you are choosing to be a partnership. Individual owners donot need an ITIN to file a 1065 however assuming you and your partner areboth actively involved in operating the business you may still be subject toUS tax and be required to file a 1040NR. Filing a 1040NR would require you toobtain an ITIN. The problem is your earnings from the partnership is incomethat is effectively connected to a US business. Another option is to have the LLC taxed as a CCorporation which is not apassthrough type of entity but taxes all the profits at the business level.The downside to you is that to get funds out of the business you have to payyourself either wages independent contractor fees or dividends. There arepros and cons to all those types of payments and is probably beyond what Icould discuss here as it really depends on your unique situation but therecan be some tax saving opportunities as a nonUS resident owner of a business. Even though you do not have any earnings I would not say it is premature tohire an accountant as decisions you make now can have long lasting impact onyour future earnings and taxes from the business. Unfortunately as a multimember LLC there is no way for you to not file a taxreturn. The only LLC that is not required to file a US federal tax returnevery year is one that is a single member disregarded entity with less than400 of profits. Every other tax form of an LLCpartnership Scorp or Ccorpis required to file a tax return.
Where can I e-file Form 1065 and Schedules K-1 for free?
I used for several years in a row to do my 1065 and K1s.Although the interface was kind of “rinkydink” as another answerer put itI was able to make it work. They were always quick to answer and resolve myquestions. 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.” Alittle annoyed I sent an email to their old help address. It bounced ofcourse. Then I did some searching just to see if anything else turned up.This is what I found On February 27 2021 the people who made taxsoftwareAlessandra and Mickey Buarque de Macedo died in a car crash along with theirson. 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 Family Site of River Road Crash That Killed Family Undergoing ChangesAside from using their software ‡ on the last occasion just a week or sobefore their deaths ‡ I didn’t know the Macedos. I didn’t even know theirnames. But I appreciate that they made my life a little better and I thankthem for that. It’s making me think about how to be sure that I make otherpeople’s lives better too. It could happen to any of us any time.
What is the easiest and least expensive way to file the 1065 IRS form? Thecompany was inactive for half of 2021 with just approximately $500 in revenuewith expenses exceeding this amount.
The least expensive way is to download the form online print it out and fillit out by hand. But given the complexity of the form and the incrediblevariety of business structures incomes and outcomes the 1065 covers I’dsuggest buying a copy of TurboTax Business. It will guide you through the keyquestions will fill out the form accordingly and will let you eFile the formfor free.
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead ofSchedule C?
No you cannot file a singlemember LLC as a partnership. The only option thatyou have in this case is to make an election to be treated as a associationtaxable as a corporation by filing Form 8832 and then you can elect to betreated as either an Scorporation by also filing Form 2553. See LimitedLiability Company LLC on the IRS Web site.