If you filed for a Federal ID Number the IRS sent you a letter with that information and the form you are required to file along with a due date.
If it is an LLC has more than one partner then you would report the income and expenses on the form 1065. If you organized a single member LLC then you report the income and expenses as part of your personal return.
The program will ask you when you organized as a business, for a business code (based on what business you are in), if you are a cash basis taxpayer.
You need to enter the information for all of the partners with their names Social Security numbers, addresses and the percentage of ownership.
Schedule B on the form 1065 alone has 25 different questions that you need to address.
You add any income and expenses for the year.
The program will produce a K-1 for each partner and that information will need to be included on their personal tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
