Partnership & LLC Tax Filing
Form 1065 and Schedule K-1 for multi-member LLCs and partnerships
Why Choose This
Multi-member LLCs and partnerships do not pay entity-level federal tax — 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 — preparing the partnership return, maintaining capital accounts, computing special allocations, and ensuring every partner receives an accurate K-1 on time.
Form 1065 Preparation
We prepare your partnership or multi-member LLC return from scratch — income, deductions, credits, guaranteed payments, and all required schedules. The return is reviewed for accuracy before filing.
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.
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.
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
From first consultation to final delivery — fully managed by qualified Tax Professionals.
Step 01 — 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.
Feature Deep Dive
Everything you need for seamless compliance
Partnership Return Filing
Complete preparation and e-filing of Form 1065 including all required schedules — Schedule B, Schedule K, Schedule L, Schedule M-1, and Schedule M-2. We ensure every line item is accurate and supported.
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.
Special Allocations
If your operating agreement contains special allocation provisions — targeted allocations, minimum gain chargebacks, or qualified income offsets — we implement them correctly and document substantial economic effect.
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.
WeSaveTax vs Others
See how we compare on what matters most
| Feature | WeSaveTax | Freelancer | DIY / Self |
|---|---|---|---|
| Expert 1065 Filing | Self-Prep Risk | ||
| K-1 Preparation | Included | Error-Prone | Included |
| Capital Account Tracking | Included | Often Missed | Extra Cost |
| Multi-State Filing | Complex | Extra Cost | |
| Partner Basis Tracking | Included | Not Done | Limited |
| Pricing | From $799 | Software + Time | $1,200+ |
What Our Customers Say
Join thousands of happy taxpayers across India
“Three-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.”
David Chen
San Francisco, CA
“Our 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.”
Maria Gonzalez
Austin, TX
“Switched 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.”
James Wright
Chicago, IL
Frequently Asked Questions
Quick answers to common questions
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