We are a small family business, an LLC, taxed as a partnership.
Each partner paid their taxes on their "profit" from 2022 on their individual 2022 tax returns.
This was the first year we actually paid out the "distributions".
So, knowing the taxes are already paid, is it something you are still required to report on this year's tax return, since this is the year it was actually paid out?
And, it is not considered a business expense when you pay out the distributions, is it?
