Instead, the partners or members of the LLC have the responsibility for paying the taxes due as part of their personal tax returns. Unlike other types of tax forms, however, the partnership does not need to pay the IRS any taxes that are due as a result of its income. Partnerships must use IRS Form 1065, the US Return of Partnership Income, to report their annual income to the federal government.
How do partnerships file their federal income taxes? What detailed income information must you provide on your IRS K-1?.What information is included in a Schedule K-1?.What are deductible partnership expenses?.What do you need to prepare a partnership tax return?.How do partnerships file their federal income taxes?.
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