there's an issue if you operate a business with a partner/co-owner. If it is a partnership/multi-member LLC/limited partnership a partnership return, form 1065, must be filed to split the income and expenses.
If it is an S corporation then form 1120S must be filed splitting income and expenses in the ratio of stock ownership. either the partnership or S Corp issues each owner a K-1 to report their share of income/loss on their personal return. If it is a C corporation, generally the only reporting on your 1040 would be the salary from the corp. failure to file returns carries huge penalties. the returns are already late. they were due 3/15/2020 (not extended like individual returns). 1065 and 1120S returns carry penalties of about $200/mo per owner for late filing. I strongly suggest that you and your business partner use the services of a professional so you both can get educated on what needs to be done for both tax filing purposes and other reporting requirements. The pro can also work on getting the late filing penalties abated. If your partner won't go with, go yourself.
