Contact UsHow do I file taxes for my LLC (filed in Nevada)?
I am one-half of an LLC that is filed as a 50/50 partnership. Both my business partner and I have already submitted our personal taxes, but everything I am reading online says that the IRS does not recognize LLCs and that the profits and losses "pass through" to the owners based on their share of the company. Although we only made $625 in the period between filing the LLC (September) and the end of the year and are a very small fish, I don't want to start this off on a bad foot by not filing correctly. Do we need to re-file our personal taxes somehow or is there a way to submit an amendment?
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Tax Professional Answers
John Stancil
The LLC should have issued a K-1 form to each member. On that form will be the information that you should include on your own personal 1040. Since you have already filed your return, you will have to submit a Form 1040X Amended returns.
John Stancil
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420 weeks ago
John Stancil