Need Partnership Tax Return Reliable Services?
Beyer & Macali can help your organization
If you are deciding to form or have already formed a business partnership, you will need to file partnership tax returns. All partnerships must file Schedule K-1, Form 1065 or Form 7004 Extension as an annual information return on behalf of the partnership to report income, deductions, gains, losses, etc. The partnership itself doesn't pay income tax as the structure of a partnership allows for the income of the partnership to "pass through" the partnership entity and be taxed as the individual income of the partners.
While partners are not employees of the partnership and do not receive W2s, there may often be employment taxes for other employees within a partnership requiring the filing of quarterly and annual forms. Each partner will have to file an individual income tax return based on their partnership income and losses and may be responsible for self-employment taxes and estimated taxes as well as other quarterly and annual tax filings. Partnership tax returns are not recommended to be prepared by tax preparation software due to their complexity and far reaching consequences.
Beyer & Macali know how complex partnership tax returns and their related filings can be. Let Mark and Matt help you with preparing the forms, schedules, and related filings for the partnership as well as each partner's individual filing needs. You can relax knowing with Mark and Matt on your side your tax needs are met in a timely fashion and with the business acumen you can trust. Mark and Matt can advise you on appropriate tax filings and help you determine all your tax preparation needs both for the partnership and for each individual partner. You can confidently focus your efforts into running your partnership and leave the tax preparation and filing to Beyer & Macali, your full service CPA firm with over 20 years of local experience.