Read on to learn more.įiling small business taxes is often one the most dreaded exercises people face each year. Ultimately, it is used to ensure partnership income is properly taxed. It provides partner-level detail on any income, deductions, credits and other pertinent tax items generated by the partnership. Schedule K-1 (Form 1065) is a tax document used to report income generated via a partnership to the U.S. The reader is required to seek professional counsel before beginning any legal or financial endeavor. Reviewed by: Kal Salem, MA Accounting - Arizona State Universityįact-checked by: Chip Stapleton, CFA - University Of IndianaĪll content presented here and elsewhere is solely intended for informational purposes only. Brock Chartered Financial Analyst and a Certified Public Accountant
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