- Our group of 5 individuals formed an unofficial partnership in 2024 for event planning services in Florida.
- All income was reported under my Social Security number (SSN) for 2024.
- We obtained an Employer Identification Number (EIN) in December 2024, after our last event.
For tax purposes, should we:
1. File 2024 income under my SSN and have partners reimburse me for their share of what we may have to payback?
2. Divide the total profit evenly among the 5 partners and report our individual shares on our personal tax returns?
What are the tax implications and reporting requirements for our situation in Florida? Should we file as a partnership or individually?
