Correct me if I am wrong, but a 1065 might be overkill for a one owner business (LLC or not). Yes you should report your LLC income separately on a 1065 & allocate profit/loss if there are multiple owners. However, if there is only one owner, it is IMO an extra unneeded step.
For a small business with one owner, a Schedule C (or C-EZ) attached to the 1040 will suffice. No need to send a 1065 to the IRS and then submit a K1; it is just a small business in the eyes of the IRS.
Keep it simple by keeping track/records of your business income and expenses and report it on the Sched C which attaches to your 1040.
Note: I am currently taking a corporate tax course & studying for the CPA exam. I prepared taxes as a VITA volunteer last year.
The Intelligent Investor. Written by Warren Buffetts mentor: Benjamin Graham.
The book appears more intimidating (bigger) than it actually is. In reality it is a very enjoyable read. I suggest reading the commentaries that go with each chapter before reading the chapter. They explain Grahams theories with more up to date examples.
Chapter 8 is also an excellent commentary on why markets move. I definitely recommend this book to anyone interested in the stock market.
I've only listened to one episode so far (Episode 010 - Social Engineering Past, Present and Future - Released 14 June 2010) but these guys are behind the social engineering contest at defcon that got all that attention (http://news.cnet.com/8301-27080_3-20012290-245.html). Also, they had a lot of veterans who were quick to share battle stories. A very enjoyable listen (plus tons of link suggestions, books, etc).
Why not a nonprofit model instead? NPR has been operating successfully on donations for years! News organizations are already basically not making a profit. By reorganizing and paying back their debts, they can go back to focusing on what matters instead of increasing the bottom line.
Why not take the meager revenues that news organizations are currently earning, deposit them into an endowment and supplement with a huge yearly fund-raising campaign, or a one time large insanely public grant from the federal government. If managed responsibly, something like this could sustain a decently sized news organization for a long time. Especially if we begin to rethink and reorganize how it might be done.
Ideally, I would get a combination of the two. I am hoping to apply what I learn in my classes to real world projects.
It's just since my current job will pay for more schooling, I am trying to figure out if I should just pick and choose a few classes I am interested in, or actually go for a full certification.
For a small business with one owner, a Schedule C (or C-EZ) attached to the 1040 will suffice. No need to send a 1065 to the IRS and then submit a K1; it is just a small business in the eyes of the IRS.
Keep it simple by keeping track/records of your business income and expenses and report it on the Sched C which attaches to your 1040.
Note: I am currently taking a corporate tax course & studying for the CPA exam. I prepared taxes as a VITA volunteer last year.