Hi All,
I'm a first-year owner of a multi-member LLC. I have my K1 which shows me my share of the partnership income. In the past as a sole proprietor I had used Schedule C to deduct my expenses (home office deduction, mileage, utilities, etc) and was comfortable with the approach. In this new circumstance as the owner of a multi-member LLC, where/how do I report all my personal expenses & deductions based upon my K1 income? Are the rules generally the same regarding type of deductions allowed as for sole proprietors? Any tips or pointers to relevant publications, sites, etc would be greatly appreciated. Many thanks in advance!
