Schedule K-1 details income from pass-through entities for tax reporting. Investors must allocate K-1 income by state to meet nonresident tax obligations. Credits may be available for taxes paid to ...

Limited liability companies, or LLCs, are legal business structures formed by filing documents with the state. The Internal Revenue Service automatically treats LLCs with more than one owner as a ...

With the partnership business structure, the company files a Form 1065 tax return for the business, but the individual partners claim business profits and losses on their individual tax returns. Each ...

Section 199A provides up to a 20 percent special deduction of profits for having a business, an ownership in a partnership or S corporation (including a rental operation in most cases). For example, ...