This video discusses flow-through entities and schedule K-1. This video is part of a tax continuing education course approved by the IRS, CTEC, and the Oregon Board of Tax Practitioners. To ensure that you get credit for this course, go to http://www.aardvarktax.com.
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This video covers the basics of LLC/Partnership Taxes for form 1065 and the Schedule K-1. I start out explaining the tax forms and how to do partnership accounting records (and show my spreadsheet template). Lastly, I connect the dots to show simplify understanding the Capital Account (on schedule K-1), Tax Basis, and Outside Basis & Inside Basis, including what the business needs to track and what members need to track on their own.
Download the free business spreadsheet template (for basic accounting, quarterly taxes & end of year tax write-offs), yes for FREE (with a free e-course) here: https://www.amandarussell.mba/getthebusinessspreadsheet
To get help from Amanda to customize the spreadsheet for YOUR business (and the multi-member version), check out the live course, starting soon here: https://www.amandarussell.mba/30dayaccounting
Other videos that you might like….
What is a Holding Company: https://youtu.be/SfGhXDMm5r4
9 Steps to Create Your LLC (9 short videos – playlist): https://www.youtube.com/playlist?list=PL6RQXhWqnQGEoKnvZXu9Jw84YQmvegmxA
Tax Benefits of LLC vs. Sole Proprietor vs. S-corp – How does the LLC save taxes? https://youtu.be/ZRaAs4Xq_yc
Sole Proprietor vs. LLC vs. S-corp: What are the TAX BENEFITS & DIFFERENCES: https://youtu.be/tCiv1p0__JI
How Businesses are Taxed — Legal vs. Tax Business Types: https://youtu.be/8qzQop2xPZY
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