Partnership
Query regarding payment of taxes in partnerships
How are taxes paid by partnerships?
By  ullas ahuja  |  15 Mar 2016  |  Upvotes: 0  | 

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.

Upvotes: 0  |  Downvotes: 0  |  Comments  | 
Login to comment