I was a partner in a LLC , but i also ran my own separate business , the LLC has not filed taxes and is applying for an extension what do i do ?

[JORTEGASERVICES]

I am also no longer part of the LLC.

[rjs · Accepted solution]

You will have to file an extension for yourself. You can't finish your tax return until you get the Schedule K-1 from the LLC. It doesn't matter if you have left the LLC. If you were a partner for part or all of 2016, you have to include in your tax return.

The extension is an extension of time to file your return, but not an extension of time to pay any tax that you owe. If you expect to owe tax with your return, make the best estimate you can of how much you will owe, and pay it with your extension.

[jortegaservices1]

How would i know if i would have to pay taxes ? i have never paid taxes in the past. i was part of the LLC for part of 2016. do i pay taxes on the money that i received from the LLC or .....

[rjs]

If you haven't owed tax in the past, you probably won't this year. You could do a tax return using your best estimate of the LLC income and see how it comes out, or use TaxCaster (link below) to do an estimate. I would expect that income from the LLC is taxable. Look at last year's return, or ask whoever does the tax return for the LLC. If you don't make a payment with the extension, and you end up owing, it's not the end of the world. It just means you will have to pay interest and a penalty on the amount you should have paid by April 18.

TaxCaster: <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/">https://turbotax.intuit.com/tax-tools/...>