where should i report insurance expeses, supplies, telephone and utilities for the partnership, travel and auto expenses?
2007-12-05 04:43:49 · 2 answers · asked by Jesus J 1 in Business & Finance ➔ Taxes ➔ United States
I NEED TO KNOW IN WHAT NUMBERS MAY I PUT THOSE EXPENSES, I DONT FIND ANY LINE FOR THOSE
2007-12-05 05:16:50 · update #1
One of the downsides of a partnership is that you have to do the form 1065 to show the partnership's income and expenses and then a schedule K-1 to show which income belongs to which partner (you may not be 50-50 partners).
While the 1065 has a due date of 4/15 (and can get an extension) , you cannot do your own personal taxes until you have the schedule K-1. Consequently, you need to keep good records and be able to estimate your income so that if you need to make estimated tax payments you can.
2007-12-05 05:07:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
On the Partnership return. Form 1065.
"Other Expenses"
2007-12-05 12:47:23 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋