IRS Tax Partnerships – Frequently Asked Tax Questions – And The Answers You Need From Joe Mastriano, CPA.

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IF I AM A GENERAL PARTNER, DO I HAVE TO PAY SELF EMPLOYMENT TAXES?

After a salary that reflects an amount equivalent for your services, and profit distribution is not subject to self employment tax. — See Partnerships

BUSINESS PARTNERSHIP TAXES! HOW PARTNERSHIP INCOME IS TAXED?

Business partners must report their profit or loss on their individual tax returns. Most of the time, the share of profit or loss is calculated based on a partnership agreement. See more on Partnership.

RULES ON FILING PARTNERSHIPS?

The rules are simple. — See Partnerships

IRS PARTNERSHIP TAX RETURN! I NEED HELP WITH PARTNERSHIP TAX FORMS!

We can help you. See more on Partnership Income Taxes.

SELF-EMPLOYMENT TAX PARTNERSHIP! DO I HAVE TO PAY SELF-EMPLOYMENT TAXES?

In a partnership, the IRS will require you to pay self-employment taxes, on the guaranteed payments to partners. Each partner’s share of profit is not subject to self-employment taxes. See more on Partnership Income Taxes.

MY FORM 1065 IS LATE.

Don’t sweat it. We can help you. — See Partnerships

PARTNERSHIP INCOME TAXATION! FILING BUSINESS TAX RETURNS! PARTNERSHIP TAX DEDUCTIONS!

In determining partnership income taxes, you may deduct most of your business expenses. Some are passed through on the K-1. Consult a tax advisor! CPAs are knowledgeable of the deductions your business may qualify for, and they can significantly reduce your income taxes. See more on

BUSINESS TAX DEDUCTIONS.

RELIEF FROM PARTNERSHIP LATE FILING PENALTY! I RECEIVED A PENALTY NOTICE FOR LATE FILING!

You may qualify for Partnership Penalty Abatement. Call us now at 713 774 4467!

DO I FILE A RETURN FOR A FAMILY PARTNERSHIP.

Yes you do. — See Partnerships

I NEED MORE TIME TO FILE BUSINESS TAX RETURNS! CAN I FILE AN EXTENSION OF TIME FOR PARTNERSHIP TAX RETURNS?

You can file Form 8736, for a three-month extension. If you and your partners still need more time to file, you can apply for an additional 3-month extension, filing Form 8800. See more on Partnerships.

PENALTY FOR NOT FILING K-1′S?

Read up on our partnership page! — See Partnerships

UNFILED PARTNERSHIP RETURNS! HOW CAN I GET MOST OF THE TAX DEDUCTIONS FOR MY BUSINESS EXPENSES?

Gather up any receipts or proof of your business expenses! Claim deductions for business use of your personal car. Don’t forget to claim travel expenses and charitable contributions. Let us take care of your income taxes. We can get most of the tax deductions when filing your partnership tax returns! See more on Partnerships.

NEVER FILED PARTNERSHIP TAX RETURN.

Don’t sweat this. We can help you. — See Partnerships

PARTNERS INCOME TAX! FILING FORM 1065! I NEED HELP WITH FORM 1065!  Contact Form

Seek help from a CPA. See more on Partnership Income Taxes.

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Frequently Asked Questions IRS Tax Partnerships…Still Need Some Clarification?  Call Us Today!