First of all, it is important to remember that business taxes are due on March 15th NOT April 15th. Partnerships do not pay federal income tax. Rather, the partnership’s income, losses, deductions and credits pass through to the partners themselves, who report these amounts—and pay taxes on them—as part of their personal income tax returns.
Now, even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses. What will the return show? The return will show the partnership’s total income, deductions and credits. Partnerships also must prepare schedules showing each partner’s share of the business income or loss.
Preparing your tax return is my business. I am Las Vegas CPA Michael Mathews. For the full range of my services please browse my website at www.accountant-lasvegas.com. Let’s make 2018 your most stress-free tax preparation process ever. Even my location reduces stress at 2620 Regatta Dr. Suite 102! Call for an appointment at (702) 240-5237.