You will report your business income or losses on your income taxes. The partnership must file an IRS Form 1065, which defines each partner’s share of profit and loss in the business, and an additional return each year. Furthermore, each partner must make quarterly estimated tax returns.
Tax Forms for Partnerships
This is a partial list of tax forms and some may not apply to your business; consult with you tax professional for details.
· Form 1065: U.S. Return of Partnership Income
· Schedule K-1: Partner’s Shares of Income, Credits, Deductions, etc.
· Form 4562: Depreciation and Amortization
· Form 1040: U.S. Individual Income Tax Return
· Schedule E: Supplemental Income and Loss
· Schedule SE: Self-Employment Tax
· Form 1040 ES: Estimated Tax for Individuals
· Employment tax forms, for more information go to: http://www.irs.gov/businesses/small/article/0,,id=99194,00.html