Workshop Update for March 8th, 2013
This year we file as a multi-member LLC, which is classified as a partnership by default. First we did form 1065, basically a summary of the business with income, deductions, and section 179 (depreciated) property attachments (form 4562). Also a 1225-A Cost of Goods sold for the PCB store experiment, as well as a Schedule B-1 majority partner declaration.
Then each partner gets a K-1. Partners each first fill the second page of a Sechedule E supplimental income and loss form using the info from K1. Then fill schedule SE to figure self employment tax. From there fill the standard 1040 to taste. Or at least that seems right, as always don’t take what we do as tax advise.
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