My wife and I own and LLC travel business and filed as a parnership the last 2 years with a 1065 and K-1. TurboTax is recommending we file 2 Schedule C's and report as seperate businesses instead. It says to split income and expenses 50/50 and to make sure my wife's business description is different than mine.
What does it mean to make sure my wife's business description is different than mine? We own the same business (LLC) and have one Employer ID.
How do I also bypass filing 2 Schedule Cs and complete a 1065 and K-1 to see the dirrence in the 2 returns?
