Your LLC will be required to file a Form 1065 return by March 15th 2022.
You should have already applied for an EIN for your LLC from the IRS.
As a partnership, neither of you should be drawing payroll and therefore do not have a requirement for reporting of quarterly earnings for income tax purposes. You want to stay aware of what your earnings are as you may want to make quarterly estimated tax deposits for your individual income tax liabilities if you are making profits in your partnership.
At year end you will divide any profit/loss and include that with your personal income on your individual tax returns.
Whether you actually withdraw funds from the business or not at year end you and your father will receive a Form K1 when the Form 1065 if completed the reports your share of the income and expenses for the year to be reported on your personal individual tax returns.
Your business Form 1065 return can be prepared using TurboTax Business.
If you maintain your business accounting records in Quickbooks Online, you can import your bookkeeping information into TurboTax Business to prepare your tax return at year end.
Apply for an EIN
