Deductions & credits

wrong, under IRS rules a multi-owner LLC must file a partnership return (or S-corp if that was elected). only single-member LLC's are disregarded entities and can avoid filing a separate tax return.  non-LLC's where owners are H & W also don't have to file a partnership return. 

 

don't ignore this. the penalties for failure to file can hit almost $5,000

 

from IRS 1065 instructions


Entities formed as LLCs that are classified as partnerships for federal income tax purposes have the same filing requirements as domestic partnerships