My buddy and I own an LLC (taxed as an S-Corp). Can you deduct business expenses (such as phone) and health insurance premiums AND the standard deduction?

Also, do distributions/dividends have to be distributed equally (if we each own 50%, per say) can he take 60%, and I take 40% of distributions?

Thanks in advance.

OK, I e-filed my tax return, form 1040, using TurboTax. I’ve already received my federal and state checks. However, a couple of days ago, a relative of mine has informed me that I have land as part of a partnership and that I need to file an amendment to my tax return. He gave me form 1065 – Partner’s Share of Income, Deductions, Credits, etc. Being that I’ve filed as an independent and have no children, I figured I would try to not use a CPA and do this amendment myself. How do I go about doing this using TurboTax? Do I really need to purchase the Business software that they recommend? I’m really confused. Also, will this affect the amount of student loans that I’ll be receiving?
Boxes filled on 1065:
2 – Net rental real estate income (loss) – 361
5 – Interest income – 194
7 – Royalties – 0
17 – Alternative minimum tax items – 0
19 A & B – Distributions – 0
20 – Other information – 194

All other boxes are empty. Any help is appreciated, thank you!!
I know I prob shouldn’t have posted the financial info, it’s really not a lot of land and I have nothing to hide financially, I’m just a little upset at the relative for popping up with this so late and the fact that I didn’t know about it for so long among other things….