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What to do if we've been making income since before becoming an LLC?
Hello, so I am a partner of a multimember LLC in which I own 30% and the other partner owns 70% we've been bringing in income since the start of 2021 (Jan 1st), but we just became an LLC midway through November. We have not paid any taxes at all yet for the entire year. When filing out my tax forms (1065, etc) in TurboTax business, do I report the income and expenses for the entire year or only those since we officially became an LLC? When we do go to pay taxes online, will we pay them as an LLC or as if we're self-employed? Thanks!
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‎December 26, 2021
2:47 PM