Business & farm

As you describe the situation, you have a multi-member LLC in a non-community property state.  That means the LLC must file a form 1065 partnership return.  The income and deductions flow though the partnership return to a K-1 statement for each partner, which is included on your personal tax return with your other income and deductions.  You can both file your K-1s on the same MFJ personal return, but it's the 1065 you have to prepare and file first, and it does have a different deadline and substantial late fees. 

 

Then, since the income is actually reported on your personal MFJ form 1040, you will have to make quarterly estimated tax payments if you expect to owe more than $1000 of income and self-employment tax. You can make that at www.irs.gov/payments. Select "2021 estimated taxes" from the drop down menu.  The LLC does not make separate tax payments unless it has employees.

 

It would be much easier for you to file your taxes if the business was unincorporated and not organized as an LLC.  But maybe there are benefits of the LLC you think you want.

 

Professional advice is suggested.