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LLC Partnership Taxes- Self employment income vs form k-1
Last year (2023) I created an LLC with my husband and myself as the only 2 members. The business folded rather quickly so I closed everything down with the state earlier this year. We profited only about $4000. I didn't know I had to file a tax return with the IRS before 3/17, so I am rushing to do that now. I am also doing my personal tax return. I entered the profit and expenses on my personal tax return as self employment income. Do I also need to create a schedule k-1? Thank you for any advice.
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‎April 14, 2025
12:24 PM