I welcome any advice or direction you can offer.
I am a 10% partner in an LLC located in Massachusetts, although I live in Florida.
On my Form 1065, Box 1 displays $750k (business income), yet Box 14 indicates $0 (self-employment earnings).
Can you explain how this discrepancy is possible?
Does this imply that the business covered my portion of the taxes?2a. If that's the case, does it disadvantage me in any way if the company handles all members' tax payments due to varying ownership percentages?
Thank you.
