💼File Form 1065 for multi-member LLCs and multi-owner businesses
🔑Accurate reporting on Schedule K-1 is essential for owners
💡The business itself does not pay taxes; owners report and pay taxes
💻TaxAct software is recommended for filing the return
📝Demonstration of how to use TaxAct to complete Form 1065
What is Form 1065?
—Form 1065 is a partnership business tax return that multi-member LLCs and multi-owner businesses need to file.
Who needs to file Form 1065?
—Multi-member LLCs and multi-owner businesses, including partnerships, need to file Form 1065.
How are taxes paid for the business?
—The business itself does not pay taxes. Instead, the owners report and pay taxes based on their share of the business activity.
Which software is recommended for filing the return?
—TaxAct software is recommended for filing the Form 1065 return.
Can you provide a demonstration of how to use TaxAct?
—Yes, the video includes a demonstration of how to use TaxAct to fill out the Form 1065 return.
00:00Introduction and overview of filing the small business tax return for multi-member LLCs and multi-owner businesses.
02:09Explanation of Form 1065 and the importance of accurate reporting on Schedule K-1.
03:59Clarification that the business itself does not pay taxes; owners report and pay taxes based on their share of the activity.
04:56Recommendation of using TaxAct software for filing the return and a brief explanation of its advantages.
06:16Demonstration of how to use TaxAct to complete the Form 1065 return.
