LLC Partnership Tax Basis & Basics: Form 1065, Sch K-1, Capital Account, Inside Basis, Outside Basis

Thanks.

We are a couple who own an LLC, should it be single-member LLC or multi-member LLC

Are 1065 free to send to IRS or is there fee they require in form of Money Order prior to sending it through the mail? And which IRS should i sent them from Ohio?

Can't single member sole proprietors choose to file as S Corporations? Or, is it just limited to Partnerships?

Where can I download/purchase the partnership basis worksheet, and balance spreadsheet?

WAIT ...where is the basis deep dive video? My questions is if I have contributed $5000 for a 50% partnership, can I use this 5k for expenses such as development cost paid to someone to write code for my app? If yes can I take this as a deduction on my personal tax to decrease my taxable income?

This explanation was very clear and well-organized. Gonna print those spreadsheets off right now.
I have been struggling through my textbook’s descriptions for partnership taxation, esp how the basis is figured, along with ‘really fun’ details and exceptions.
Thanks, subscribed!

Hi Amanda! How does this work if the owners file a joint tax return assuming they are an LLC partnership?

Great vid!

Hi Amanda. Thanks for this video. I have a question related to reconciling a partner's K-1 to their capital account. On the Partners Capital Account Analysis on the K1, you say in your video that retained earnings are not allocated to the capital accounts. Is this always the case? Or just when Tax Basis is selected? Thank you!

Thank you so much for your explanation I am fairly new business owner and is going into a partnership, so your info was helpful. Thanks again.

Great information. Thank you. Do I have to file taxes this September 2020 if I just incorporated 3 months ago, in June 2020 to be exact?

Ughhhh why are you so amazing! 🤣 Answering all our questions

This was great. Thanks for making this.

Thank u very much. Good explanation but how can i get your spredsheet

Thanks, Coach!!! Some of this even makes sense, after you explain it, of course.

Hello,

We are two guys from Spain, with residence in Spain, who we have a LLC in New Mexico created on 2019, Not ETBUS, 50% owned each partner, so we need to fill out the form 1065 and k1, by July 15th, but I was reading that we need the ITIN for each partner. We really need it? Thank you

Best Regards

do you have a vidoe on QBI?

you explain things so well. much easier to understand than other videos i've watched

Hi Amanda, I have an LLC with two members, I have done a lot of expenses but haven’t generated any money yet, do I have to file taxes for it?

Not seeing the Balance sheet on the downloadable file. Is that not included or am I not looking in the right place?

Prefect presentation as always. Seems like I should be paying for all this great advice I kinda feel a little guilty.

hank you for the video but what if i win the big lottery --am i free from tax ? with this account !!!

what if my partner signs over their shares to me how do i file for 2019

Although you described the money in and out of the partner ok, I was looking for how to post partners, and investors into your spreadsheets, but didn't see anything. What did I miss?

You have everything I wanted to know. Now I have more questions and ready for your training.

So, it turns out that a statement regarding insurance and being sued is a scare tactics to see an attorney. This issue is for your insurance company and not for you as a LLC pursuer to worry about

I have a Mac, Which Software should I use for simplest multimember LLC tax declaration? We have online stores in etsy and shopify.

Can this be done with TurboTax? I’m in the middle of this and it’s so confusing because I can’t actually see the form numbers to know if I’m doing this correctly. Love your videos. By far the easiest person to grasp the information from. 🙏🏽Thank you for all you do!

do you leave the questions empty or put a zero for things you dont have? good vid thanks

Thanks for the great videos! I don't see a line on the 1065 form for initial capital investment into a business. How is that accounted for on the 1065 form?

what if you have partnership with someone from another country, how tax will work?

where do I get the member/partner inside basis, outside basis & Capital Account calculation worksheet & comparison download

Your video was informative and wonderful, how can I get your spreadsheet

your videos are keeping me employed

Do you still have the business plan template challange?

Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your most recent video. I think you have explained it well, although I have never done accounting for partnerships before. I may have to watch your video again; and, if you have more upcoming videos about this, hopefully I will watch them also. I am still doing small business bookkeeping and accounting; and, I don't know if doing accounting for partnerships would apply to me. However, I would like to learn more just in case. Thank you so much. I look forward to hearing from you again. In the meantime, I trust you will keep up the good work in what you are doing.