Partnership & LLC Tax Filing

Form 1065 and Schedule K-1 for multi-member LLCs and partnerships

Get Started Talk to an Expert

Why Choose This

Multi-member LLCs and partnerships do not pay entity-level federal tax โ€” but they must file Form 1065 and issue K-1s to each partner. Late or inaccurate K-1s delay every partner's personal return and can trigger IRS penalties of $220 per partner per month. WeSaveTax handles the complete filing โ€” preparing the partnership return, maintaining capital accounts, computing special allocations, and ensuring every partner receives an accurate K-1 on time.

๐Ÿ“

Form 1065 Preparation

We prepare your partnership or multi-member LLC return from scratch โ€” income, deductions, credits, guaranteed payments, and all required schedules. The return is reviewed for accuracy before filing.

๐Ÿ”„

K-1 Accuracy

Each partner receives a Schedule K-1 that correctly reflects their share of income, deductions, credits, and capital changes. We reconcile every line so partners can file their personal returns with confidence.

๐Ÿ’น

Capital Account Maintenance

We maintain tax-basis capital accounts for each partner as required by the IRS, tracking contributions, distributions, allocations, and year-end balances in compliance with current reporting rules.

๐Ÿ”—

Multi-State Filing

If your partnership operates or has partners in multiple states, we handle composite returns, withholding requirements, and state-level K-1 preparation to keep every jurisdiction satisfied.

How it works

How It Works

From first consultation to final delivery โ€” fully managed by qualified Tax Professionals.

Step 01 โ€” Provide Financials

Share your books and partnership details

Upload your profit & loss, balance sheet, partner ownership percentages, and any special allocation provisions from your operating agreement. We request only what is needed.

Book Free Consultation Have questions? Talk to an Expert

Feature Deep Dive

Everything you need for seamless compliance

Partnership Return Filing

Complete preparation and e-filing of Form 1065 including all required schedules โ€” Schedule B, Schedule K, Schedule L, Schedule M-1, and Schedule M-2. We ensure every line item is accurate and supported.

TAX SERVICE REPORTReviewed & Certified by Tax Expert

Partner Capital Maintenance

Tax-basis capital account tracking for each partner as required by current IRS rules. Beginning balances, contributions, allocations, distributions, and ending balances are maintained and reported on each K-1.

Tax Savings Analysisโ†‘ 34% saved

Special Allocations

If your operating agreement contains special allocation provisions โ€” targeted allocations, minimum gain chargebacks, or qualified income offsets โ€” we implement them correctly and document substantial economic effect.

Compliance Calendar โ€” FY 2025-2615 JunAdvance Tax Q1Due15 SepAdvance Tax Q2Due31 OctIncome Tax AuditDue20 OctGSTR-3BDue11 NovGSTR-1Due31 DecROC FilingDue31 MarYear EndDue

Self-Employment Tax Analysis

We analyse each partner's distributive share for self-employment tax implications, identify guaranteed payments subject to SE tax, and help partners understand their quarterly estimated payment obligations.

100% Compliantโœ“ Zero Penaltiesโœ“ On-Time Filingโœ“ Expert Verifiedโœ“ 100% Compliant

WeSaveTax vs Others

See how we compare on what matters most

FeatureWeSaveTaxFreelancerDIY / Self
Expert 1065 FilingSelf-Prep Risk
K-1 PreparationIncludedError-ProneIncluded
Capital Account TrackingIncludedOften MissedExtra Cost
Multi-State FilingComplexExtra Cost
Partner Basis TrackingIncludedNot DoneLimited
PricingFrom $799Software + Time$1,200+

What Our Customers Say

Join thousands of happy taxpayers across India

โ€œThree-member LLC with a complex operating agreement. WeSaveTax handled the special allocations perfectly and got K-1s to all partners two weeks before the deadline. First time we have not had to file extensions for personal returns.โ€

David Chen

San Francisco, CA

โ€œOur partnership has members in Texas, California, and New York. WeSaveTax handled the multi-state filings seamlessly. Each partner got exactly the state-level information they needed. Highly recommend.โ€

Maria Gonzalez

Austin, TX

โ€œSwitched from a local CPA who kept getting our capital accounts wrong. WeSaveTax rebuilt the accounts from scratch and now everything reconciles properly. The K-1s are clean and partners are happy.โ€

James Wright

Chicago, IL

Frequently Asked Questions

Quick answers to common questions

Form 1065 is due on March 15 for calendar-year partnerships. A 6-month extension to September 15 is available by filing Form 7004. However, K-1s are still expected by March 15 so partners can file their own returns on time. We prioritise K-1 preparation to meet this deadline.

We handle multi-state compliance including composite returns, state-level K-1s, and nonresident withholding where required. Each partner receives the state-specific information they need for their personal returns.

Guaranteed payments are deductible by the partnership and reported as ordinary income on the receiving partner's K-1. They are also subject to self-employment tax. We ensure these are properly reported on both the 1065 and each affected K-1.

While the IRS does not require you to submit an operating agreement, it is essential for determining profit/loss allocations, distribution priorities, and special provisions. If you do not have one, we recommend creating one โ€” and we can refer you to an attorney for that.

Distributions reduce a partner's capital account and are generally not taxable unless they exceed the partner's basis. We track distributions on each K-1 and advise partners if any distribution could trigger taxable gain.

You May Also Need

Explore related services to stay fully compliant

Ready to Get Started with Partnership & LLC Tax Filing?

Join hundreds of businesses and individuals who trust our experts for hassle-free tax compliance and expert advisory.

Get Started Now Schedule a Call
Partnership & LLC Tax Filing โ€” Form 1065 & K-1 | WeSaveTax