Since your LLC is set up as a multi member entity, it will be required to file a form 1065 Partnership return which will in turn generate K-1s for each partner to include their net profit share on their respective individual form 1040 tax returns. Here is more information about LLC taxes:
Turbo tax LLC taxes
The net profit is calculated as:
Net profit = Total Revenue - Total Expenses
Total expenses represents all expenses—cost of goods sold, operating expenses, income taxes, interest expenses on loans and debt, depreciation of fixed assets, and SG&A (selling, general, and administrative expenses). Be aware there are special rules and limitations for start up expenses as explained at this link:
Start up costs
Keeping good books and records will make tax reporting more manageable and I recommend our Quick Books system. More information is located here Quick Books
Good luck on your new venture!
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