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What Tax Filing Documents Do I Need for Partnership Taxes on Form 1065?

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Question: What Tax Filing Documents Do I Need for Partnership Taxes on Form 1065?
Small business owners who are filing business taxes as a partnership or multiple-member LLC use Form 1065 -U.S. Return of Partnership Income.
Answer:

Tax Filing Documents for Form 1065 for Partnership Income
Form 1065 is the information return filed by a partnership or multiple-member LLC to report income for the business. Each partner or LLC member receives a Schedule K-1 showing share of income; this schedule is included in the partner or member's individual tax return for the year.

Information on your business income and expenses
Give your CPA a P&L (profit and loss, or income) statement, showing your corporate income, with specific sources of revenue, and all deductible expenses of the partnership/LLC for the year.

If your partnership sells products, you must provide information to calculate cost of goods sold.

Information on your business assets
You will need to provide information on your business asset records, including business vehicles, for depreciation purposes.

Partnership Balance Sheets
You must also provide balance sheets for the partnership/LLC, for the beginning of the year and end of the year. The beginning year balance sheet must match last year's end-of-year balance sheet.

Information on Partners/Members
For partnership taxes, you will need to provide information on each partner's or LLC member's portion of income, capital gains, dividends, and other information. This information is transferred to the Schedule K-1 each partner or LLC member receives.

Take all of this information to your CPA, Enrolled Agent, or other tax preparer, or use business tax software to prepare your return.

Get more information on partnerships and multiple-member LLC taxes.

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