Understand that your partnership is not owned "through" a disregarded entity. Your partnership *is* a disregarded entity. Period.
I have my K1 reflecting the guaranteed distributions but I do not know how to calculate the taxes I owe on them.
You personally don't calculate anything. Just enter the K-1 into whatever version of TurboTax you are using for your 1040 personal tax return, and the program takes care of it for you.
Also if I had expenses that I incurred can I create a Schedule C for my LLC which owns 50% of the partnership and claim them there?
No. Under no circumstances and with no exceptions is partnership income or expenses reported on SCH C of any tax return. Not ever. All business expenses are paid for by the partnership and claimed/reported on the 1065 partnership return before any distributions are made to any of the partners.
If you have a home office that is specifically and explicitly 100% business use for the partnership, then you deal with that under the deductions & credits tab in the employment expenses section. There's a sub-section there for Job Related Expenses that you would just need to work through. It will help you determine if you even qualify to claim a home office.
