LLC Tax Filing (Partnership) - DIY Options & 1065 Question!

Hello,

My small LLC (partnership, started last year) is facing its second tax season, and we're trying to figure out the best way to file without breaking the bank. Last year, we used a CPA, but as a very small startup still operating at a loss, the cost is just too much right now.

Here's the situation:

  • We received Schedule K-1s last year.
  • I understand the income/loss passes through to individual tax returns.
  • 2024 is still a loss.
  • We'd love to avoid CPA fees if possible.

My main questions are:

  1. Does each partner need to file a separate Form 1065 to generate their Schedule K-1s for this year, or can one partner file it for the entire partnership?
  2. Can we effectively use free or low-cost tax software like FreeTaxUSA for our partnership filing (Form 1065)? Are there any specific limitations or considerations we should be aware of when using these platforms for a partnership?
  3. Is it possible for one partner to file the 1065 for the entire LLC partnership? If so what are the potential pitfalls?

Any advice, experiences, or resources you can share would be greatly appreciated! We're trying to navigate this as efficiently and accurately as possible.

Thanks in advance!