I co-own a relatively successful videography company and we're trying to do our taxes our first year as a partnership and not individual free lance videographers as we had been in the past. We've taken all of our bookings through the company account this year and split everything 50/50, costs and profit sharing. I believe we have a relatively simple business model, or I did until I started doing our taxes.
Essentially we book a client, perform the service, and split the payment down the middle. It hits our company account and then we send to each individual account from there. So our records are even very simple and I've just used excel to keep track of those payments as well as the mileage for each of us as we use our own vehicles to travel for work.
I did the entirety of all of the forms that TurboTax wanted me to fill out as I went along and our balance sheet at the end showed a net gain of 50,000 for the sake of this question. So I added the 50,000 we received as guaranteed payments and checked our k1 forms after and it does show that we were paid the same amount split down the middle and the balance sheet now read as zero, which would make sense being that all of our profit is split down the middle and I would assume we enter our personal business expenses on our personal taxes being that it's a "pass through" structure or whatever you call it. If I did that correctly then the only other issue I have is...
Where the heck do I attach the 1099's we received doing work for other studio's/ companies? It was issued to our business with our EIN number but I cannot find a spot to attach it anywhere. Does this get filed with our business taxes AND our personal?
Thank you for taking the time to read this, any help is greatly appreciated!
