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Business & farm
First, you should have filed a 1065 partnership return this year. That would pass the income through to you at a lower tax rate. Unfortunately, that return was due on March 15th and if you file it now you'll owe at least $440 as late fees and another $440 for every month (or part of a month) that it arrives late.
Since you're not doing the partnership return (which you don't have to do - an LLC is a disregarded entity) there is no point in splitting the partnership up on your schedule C for this year. Just enter it all under your name or your wife's name.
And then use the 1065 next year for sure.
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March 19, 2024
4:34 PM