Things You'll Need:
- Financial documents (listing assets, revenues, expenses, inventory, etc.)
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Step 1
Go to the Internal Revenue Service (IRS) website forms and publications page (see Resources), and download Form 1065, Schedule K-1 and the instructions. You can find the files fast by using the search box at the top of the page. These files are in Portable Document Format (PDF) format. The form files are editable, so you can simply fill in the form by typing into the form on your computer.
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Step 2
Enter your LLC's address, and Employer Identification Number (EIN). In box C, find the appropriate business code matching the type of business for your LLC, which can be found in the instructions document.
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Step 3
Enter the total assets for the company in box F. Round all dollar amounts to the nearest dollar. Check the appropriate boxes for letters G to H, and enter the number of Schedule K-1s you will be including (one for each LLC member). Check page 14 of the instructions to determine if you are required to complete Schedule M-3.
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Step 4
Complete the "Income" section with the appropriate figures from your revenue statements. Form 4797 applies to proceeds from the sales of business property (renting or selling). If you make income from such properties, complete this form in addition to Form 1065
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Step 5
Complete the deduction form with details on wages, rents your LLC paid, depreciation on the assets owned by the LLC and other employee benefits.
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Step 6
Sign and date the return, and save the PDF file. You'll likely notice that there are four additional pages in the Form 1065 file. These four pages are a series of worksheets to provide additional details to the IRS. Many of these items are questions, and not all sections apply to all LLCs. Use the instructions as a guide to determine which sections apply to your LLC.
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Step 7
Print the completed return for your records. Print each individual Schedule K-1, and provide a copy to each LLC member. Keep a print copy for the LLC records. Income tax filings must be maintained for three years. Save the electronic file for your records.
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Step 8
Use the checklist on pages 6 to 8 to make sure you've completed all the appropriate forms.
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Step 9
File the return electronically or by mail. If mailing the return, consult the instruction sheet for the appropriate IRS office mailing address. LLCs file by region, so locate your state (page 4 of the instructions) on the list, and mail it to the corresponding office.
