Come On, Partner. It’s Time to Settle Up with Uncle Sam.

Now that it is tax time, if you didn’t already know this, partnerships don’t pay federal income tax.  Instead, the partnership’s income, losses, deductions and credits actually pass through to the partners themselves, who report these amounts and pay taxes on them.  This becomes part of their personal income tax returns.

Here are some steps that you will need to follow –

1.  Prepare Form 1065 for business partnerships.

2.  Complete a federal K-1.

3.  File your personal state tax returns.

4.  Report your share of the partnership income or loss on your federal income tax return.

All of this is absolutely necessary to provide Uncle Sam with the proper documentation for your 2019 taxes.  What is also necessary is hiring Las Vegas tax preparer and CPA Michael Mathews.  You might as well make an appointment sooner than later with Michael.  Just call (702) 240-5237 for an appointment at his 2620 Regatta Dr. Suite 102 office.