We formed an LLC (being taxed as a partnership) on March 4, 2019. We aren't making any income yet, and only have a few expenses so far. How/when do we file our taxes?

[tubbynuggets]

We've been getting a lot of mixed answers about whether or not we need to file our taxes (since the first quarterly due date is technically April 15).  However, we aren't opening our store until May, and won't be making any income until that time.  What should we do?

We have a Quickbooks account with records of the purchases we've made so far.

[HelenaC]

You don't file until next year if you set up your Form 1065, Partnership LLC on March 4, 2019. 

• The 2018 due date was March 15, 2019 for Form 1065 Partnership. 
• Due Dates for 2019 Form 1065 are: March 16, 2020 (September 15, 2020 with extension) for 2019 tax returns.

Form 1065 is an information return used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners on a Schedule K-1.

If you are a partner in a partnership, the information you need to prepare your individual tax return is on the Schedule K-1 you received from the partnership, not on Form 1065. K-1s can be complicated forms with lots of lines, but TurboTax asks about the data you need to enter.

For instructions on entering your Schedule K-1 for your individual tax return, see Related Information below.

Related Information:

• Where do I enter a K-1 that I received?