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Tax Payment In Partnerships

How are taxes paid by partnerships?


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Team Legistify

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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Tags: Company Incorporation Legal Structuring Tax Structuring GST Income Tax

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