I found it helpful to prepare an income statement, balance sheet and capital account report before I even got started with the 1065.
The purpose of capital accounts is to manage how much each partner contributed and received from the business. I made a new spreadsheet for each partner in the LLC and recorded when partners contributed money to the business. We didn’t personally take out any loans, so all of our money came from Shareholder Equity. Box H: How do you track your bills?  Do you record a bill when you actually go out and make a purchase (Cash) or when the bill arrives in your mailbox?
2: Amazon processes all of our transactions, makes all of our products and deposits our commission into my bank account, so I left 2 blank. Direct or Indirect 50% ownerships means if you add your shares of the company + your wife’s + your kid’s (etc), does it all add up to more than 50% of the company? If you do answer yes, then you have to fill out a schedule B-1, schedule M-3 and a reportable entities letter.
All of the owners in our sample company were regular partners (not limited partners) and they all were individuals actively involved in the business… so my $50 net income all went into one box. Since a balance sheet is a snapshot of your business at a given time, the schedule L is actually TWO balance sheets. Since my previous year was a terrible one and my business was worth absolutely nothing at the end of it, all my values for column a & b are 0.
Since this is a balance sheet, the values on line 14 (total assets) should equal the values on line 22 (total liabilities and capital).
Remember, a balance sheet isn’t a running total of everything your business has ever done.


If your business had a reportable entity owner that could influence 50% of the business (Form 1065, page 2, Schedule B, Question 3b is Yes), you need to fill out Schedule B-1. Steve and Sally both own 50% of this business, but neither are reportable entities (I think), so I’m skipping this form this year. Steve Hanson is the author of The Dax and Zippa Series, Monsters Midnight Feast, Wizards In The West, Butterflies Don't Chew Bubblegum and The Whens. I don’t think an individual ever has to file a Schedule M-3, only other legal entities.
I have never skipped the M-3 before, but am going to try it this year and see what happens.
10 Is the single member limited liability company currently under audit by the Internal Revenue Service? 7 Is the entity filing this Kentucky tax return organized as a statutory trust or a series statutory trust as provided by KRS Chapter 386A? 9 Did the limited liability company file a Kentucky tangible personal property tax return for January 1 2013?
Was the limited liability company doing business in Kentucky other than through its interest held in a pass through entity doing business in Kentucky?
6 Was the limited liability company a partner in a pass through entity doing business in Kentucky for the tax year being reported?
When you formed your partnership, was this partner a full partnership member or do they have restrictions and limitations on them?
Since didn’t make a 10-k or certified audit, I prepared my own income statement (see start of this post). The date for the income statement should match the income statement you provide and the dates across the top of your 1065 Form.


This post is a godsend; exactly the gentle hand holding I needed to help me grok the 1065 (also for a small publishing company, and I also am foolhardy enough to do the accounting, without the proper TV actor credentials). Thank you so much for taking the time and putting it together from all the small business’ around, THANK YOU!
This is the part that’s been difficult for me to figure out, because my interpretation of 1065 leads me to believe such expenses can go in a few places(but only once, ha). I was cracking my head for the past 3 weeks and your example gave the right direction to complete my 1065. Part II requires information on individuals owning 50% or more of the partnership, without regard to any requirement to file Schedule M-3.
We didn’t use many of the other fields on the first page, so I left them blank here as well. Any tips on how to charge for capital purchases (one time or 3-year depreciation, or even fool with it.
Liability means your business took on debt to make a purchase and shareholder’s equity meant the owners kicked in some money.
I didn’t complete the items requested because it had never been required of me in the past.




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