Partnership Tax Return

Partnership Tax (1065)

• If you're a partnership, you'll need to file Form 1065. This is your annual tax return and it's due on the 15th of March.

• You'll also need to prepare financial statements for your partnership. These include your balance sheet, income statement, and statement of cash flows.

• The due date for filing your partnership, you'll need to file by March 15th.

• The Partnership tax return is drafted on Form 1065. In addition, your state may also have a tax filing & payment requirement.

• Your partnership will need to prepare financial statements which include a balance sheet, income statement, and a statement of cash flows. You will also be required to provide your partners with a K-1 form that details their share of the partnership's profits or losses.

• The Partnership is not subject to an income tax because the partnership itself does not pay taxes. Instead, the partnership's income "passes through" to the individual partners who then pay taxes on their share of the partnership's income (or losses) on their personal tax returns.

• As a partner, you'll need to file Form 1040 and report your share of the partnership's income (or losses) on Schedule E. You'll also need to pay taxes on any distributions you receive from the partnership.

A partner is subject to the following taxes on their personal income taxes: