How are taxes paid by partnerships?

How are taxes paid by partnerships?
Posted 11 months ago  |    0  | 
Corporate Law,Taxation & Duty
Corporate Law Taxation & Duty

1 Answer(s)

Prateek Kumar
Advocate

Taxes are paid through the personal income tax filings of individual partners. As a partner, you have income through your share of the profits (or a loss if the partnership is losing money), and you report this income on your personal taxes. The partnership itself reports profits and losses to the IRS on a special form (so that the IRS knows how much you receive), and you pay the taxes on your portion.

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