Schedule K-1 and Personal Filing
My husband and I own a business. We have filed our taxes previously with initially doing our Schedule K-1, then adding them to our personal taxes. We did not make any money last year, as we have been struggling to get the business off the ground, and it has been the same this year as well (2016), so we will be reporting losses. My husband had a w-2 last year, as he was employed, but lost his employment mid 2015 so this year, there will be no w-2. I am unsure of exactly how to do our taxes this go-round. We will be reporting losses this year as well, and we have no w-2 to report. My question is, how would I go about doing taxes this year? I know I will be doing the business taxes, but will I have to do personal, seeing as that we have no w-2 to report? We do have 3 children that we claimed for the child tax credit in previous years when my husband was employed, but I'm not sure how that works if you aren't reporting a w-2. Thanks for all help in advance!