My company is an LLC. I have a partner 50/50 on that company. My questions is related to expenses of the LLC. Correct me if I'm wrong but in my personal income taxes I don't have to include anything related to my LLC expenses. The LLC will report the expenses to the IRS and report how much revenue it gave to each partner to the IRS. Then on my personal taxes I pay taxes on top of the revenue received and I don't have to worry about the LLC expenses. The expenses will be handled by the LLC taxes. The LLC just report expenses and revenue for each partner. Is it how it works for an LLC? As a side-note, the LLC is also paying city taxes, so it has to compute net profit (revenue - expenses) anyways to pay the CITY taxes, on the business tax side.
