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Partnerships Tax Filing Instructions

Partners should file a Form 1065, U.S. Return of Partnership Income for their business each year. This form was created by the IRS to report the gains, losses, credits, deductions, and other important information related to the operation of the partnership. <br>

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Partnerships Tax Filing Instructions

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  1. Partnerships Tax Filing Instructions Partnership Tax Return 1065 - An Overview, Due Date, Extension Form 7004

  2. Businesses Operating as a Partnerships - An Overview The IRS defines a partnership as a business relationship between two or more individuals that plan to share their resources as well as the profits and losses of their business with or without a formal agreement. There are a few different kinds of partnerships: • General Partnership (exactly as described above). • Limited Partnership- At least one partner is liable for the debts of the business, while the other partner(s) are silent, or only liable for their own investments. • Limited Liability Partnership- Neither partner is personally liable for the debts of the business. This is often the business structure chosen by professionals like lawyers or doctors. 803-514-5155 support@expressextension.com

  3. Partnerships Tax Return • Partners should file a Form 1065, U.S. Return of Partnership Income for their business each year. This form was created by the IRS to report the gains, losses, credits, deductions, and other important information related to the operation of the partnership. • A Schedule K-1 must be attached and furnished to each partner. • The Schedule K-1 provides a summary of each partner's shares within the partnership, they must report this information on their personal income taxes. 803-514-5155 support@expressextension.com

  4. Partnerships Tax Form 1065 Due Date • Form 1065 must be completed and filed with the IRS no later than the 15th day of the 3rd month following the end of the organization’s tax year. • For partnerships operating on a calendar year, this makes their 1065 deadlineMarch 15, 2021. Click here to find the Filing Methods and 1065 Mailing Address. 803-514-5155 support@expressextension.com

  5. Extension to File Form 1065 • Partnerships can easily file an automatic extension with the IRS for up to an additional 6 months of time to complete their business income tax return. • File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. • The IRS doesn’t require any reason or explanation for why your business is requesting an extension. • The Form 1065 extension doesn’t apply to tax payments, these must be made by the original deadline. 803-514-5155 support@expressextension.com

  6. How to File an Extension Form for Partnerships • The IRS permits businesses to file their extension Form 7004 on paper and mail it in, or they can file electronically. • Electronic filing is the IRS-preferred method, as it is much easier for them to process these forms. • E-filing 7004 is also a much simpler method of filing in general. Filers can complete and transmit their extension within minutes and instant IRS updates can be provided. 803-514-5155 support@expressextension.com

  7. Advantages of Filing 7004 with ExpressExtension • ExpressExtension is an industry leading IRS e-file provider, with many benefits that users will find extremely convenient! • ExpressExtension offers a simple and efficient filing process based on over a decade of e-filing experience. • Make your tax payment while filing your extension. • File your extension in minutes, from any device, and receive instant IRS updates. • If your Form 7004 is rejected, ExpressExtension provides you with the precise error code. In addition, you are able to correct and retransmit your form at no additional cost! 803-514-5155 support@expressextension.com

  8. Contact Us Reach out to our amazing, U.S based support team with any questions! We are available to assist you Monday-Friday, from 9AM-6PM EST by phone, email, and live chat. ExpressExtension support@expressextension.com 803-514-5155 803-514-5155 support@expressextension.com

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