I started an LLC with a partner in the middle of December. We incurred costs, but received no receipts until the first of the year. Do I need to file a Schedule k-1 at the end of the fiscal year? Or do I need to put it in my income taxes as self employment this year?

ANSWER

The BIDaWIZ Team's Answer:

If the partnership elected a mid December fiscal year end, then your first tax return would be due on the 15th day following the fourth month after your fiscal year end. This means you would report the 2013 fiscal year end (December) in April 2014. This also means that you would include the fiscal 2013 tax information on your calendar year 2013 personal tax return which is due on April 15, 2014. Are you 100% sure you have a fiscal year end in the middle of December and not a calendar year end? You would have had to elect this fiscal year end.