![]() Although a partnership does not pay taxes on its income, it does “pass through” any profits or losses to its partners, meaning individual partners must include their partnership items on their personal tax or information returns using Form 1040 or its equivalent. It’s used to report a partnership’s income, gains, losses, deductions, credits, and pertinent financial information. What is Form 1065?įorm 1065 is otherwise known as a “Partnership Tax Return” or “Return of Partnership Income”. Have you recently formed a partnership and heard the term “Form 1065” tossed around? Not sure about Form 1065 instructions, or who’s required to file? Failing to follow the protocol for IRS Form 1065 could land you in some hot water with the government, so keep reading to learn the ins and outs of this critical document to safeguard your new business’s success.
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