F. Stephen Lambert, P.C.
Partnership Tax Returns Atlanta
Do you need help filing your partnership tax returns in Atlanta? F Stephen Lambert PC provides expert advice to partnerships for filing their income tax returns and handling self-employment taxes. We will also help you understand the IRS Form 1065 and Schedule K-1 instructions for accurate information returns.
Partnerships in the USA are not charged tax directly. Since partnerships comprise of two or more owners, each owner has their share of tax levied on them. In addition, partners file their income tax returns based on their profit or loss from the business. This is because they do not get a salary from the partnership since they are owners, not employees, of the business.
Filing income tax returns can be complicated for both small and large partnership businesses. This is why you need professional assistance. If, for example, you want to file partnership tax returns in Atlanta, enlisting the help of a CPA accountant firm like ours is highly recommended.
Our services are available within a 15-mile radius of Atlanta Georgia, including Midtown, Buckhead, Greenbriar, Panthersville, Decatur, North Druid Hills, and Embry Hills among others.
IRS Form 1065 K 1 Instructions
Do you understand the IRS form 1065 and Schedule K-1 instructions? Partnerships are required to file an information return on Form 1065 and send it to the IRS. Bear in mind that this is not for tax purposes, but as a means of reporting their business activities.
In addition to the IRS form 1065, the partners file a Schedule K-1, in which they provide all the information pertaining to the profits or losses that each partner received from the partnership. This is what they use on their personal tax return.
The IRS provides instructions for their form 1065 and Schedule K-1. However, these are very detailed and quite complicated. Even so, we’re here to help. Are you too busy working on your core business to figure out all this on your own? Give us a call at (470) 545-1060. F Stephen Lambert PC has expert CPAs ready to help with all your partnership tax returns in Atlanta.