![]() ![]() Your best bet is to have a dedicated accountant or tax professional to help you with this, but we’ll walk you through the form and how and when to submit it, so you’ll be ready come tax season. And if you fail to file your Schedule K-1, you might face some stiff penalties for an overdue return, as well as back taxes.įortunately, the rules around Schedule K-1 aren’t too complicated. The IRS won’t accept your personal tax return if your Schedule K-1 isn’t included along with it. If you are an owner of an S-corp or partnership or a member in an LLC, then you’ve probably received a Schedule K-1 in the mail. ![]() March 15 is the deadline for receiving a Schedule K-1. Beneficiaries of trusts and estates must also submit a Schedule K-1. Owners of pass-through entities must file the Schedule K-1 tax form along with their personal tax return to report their share of business profits, losses, deductions, and credits. ![]()
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