Filing Taxes for a Partnership.

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. 

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LLC Tax Preparation.

First of all, here is a tutorial.  If an LLC is taxed as a sole proprietorship it does not fill out any tax return whatsoever; instead, one of the members records all income and expenses on Schedule C of his or her individual tax return, or 1040. An LLC that is taxed as a partnership files Form 1065, and an LLC that is taxed as a corporation files Form 1120.

In the aftermath, when you create the LLC, the IRS automatically treats your business as a partnership.  This is only for income tax purposes!  However, if you are the sole owner of the LLC, then you must pay tax on business profits as if you were a sole proprietor instead of an LLC.  Both designations have different tax filing rules.

You need a professional CPA to sort all of this out.  That person in Las Vegas is CPA Michael Mathews.  He is the CEO of www.accountant-lasvegas.com.  You can’t do better than trusting Michael for your LLC tax preparation in the Las Vegas Valley.  Call today at (720) 240-1537 to make an appointment at his Regatta Drive office located in the Northwest Valley.