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 Partnership Income Tax Department of Revenue 2024

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in this video I'm going to teach you how partnership taxes work and what do I mean by that I mean that if you set up a business with a partner and you and your partner earn $200,000 together okay 50% of that is owned by you so you get 100 Grand and your partner gets another 100 Grand then what taxes do you have to pay in that scenario not only what taxes do you have to pay but what are the tax forms I'm going to walk you through form 1065 show you what that kind of looks like and why that's called a pass through entity or you might here it referred to as an informational return so I'm going to show you the data that gets put on the form 1065 and then how that profit from the 1065 flows into your individual tax return or you may hear that form called form 1040 okay so if you continue watching you're going to learn how partnership taxes work in fact this is part of a video series this video part of a video series that I'm doing that&#39

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