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Get your taxes done using TurboTax
as a multimember LLC engaged in a trade or business did you file form 1065? I assume you did not elect S-Corp taxation which would require salaries and the filing of form 1120S.
Failure to file the 1065 by the due date of 3/15 could subject the partnership/LLC to penalties of about $200/partner/per month late. Direct reporting of the operations on your 1040 is not appropriate. the LLC issues a k--1 to each member which is the way the activity gets reported on each taxpayer's 1040.
you may want to consult with a tax pro becuase I don't think you fully understand the reporting requirements and payment of income taxes - which is done personally and not through the LLC.
May 22, 2024
8:33 AM