Do Partnerships file Quarterly tax deposits,or do they pay taxes at the end of the year w/schedule K-1 (1065)?
2007-09-06 05:38:29 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The partnership files Form 1065 and does not pay any taxes. The profit of a partnership is distributed among the partners.
Partners must include this profit in their own income on the Form 1040. The partnership income is subject to 15.3% employment taxes.
2007-09-06 08:05:57 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
What kind of tax deposits? If the partnership has employees, it has to pay employment taxes just like any other entity. Partnerships don't pay income tax but partners pay on their distributive share of income.
2007-09-06 06:37:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
LLC's do an annual report that determines the value and any distribution of shares. Taxation is governed by tax law. You will need to do an annual return, i.e. a K-1 and you'll need to do pay period based reporting for any employees (SSN, Federal, State, and Local) tax, and quarterly tax reporting on income. Good luck.
2016-04-03 06:47:15 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Quarterly, or face penalties.
If a Corporation, it files. If not, the individual files.
2007-09-06 05:47:02 · answer #4 · answered by ed 7 · 0⤊ 1⤋
Partnerships don't but each partner should.
2007-09-06 05:44:20 · answer #5 · answered by Matrixcm 3 · 0⤊ 0⤋