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Tax Preparation Business Partnership
  • General Partnerships: No legal entity separate from the partners.
  • Limited Partnerships: At least one general partner with unlimited liability and one or more limited partners with limited liability.  
    1. Business Structures and Their Tax Implications - Transform Wealth
    transformwealth.com
  • Limited Liability Partnerships (LLPs): Hybrid structure offering limited liability to partners.  

Tax Preparation Business Partnership

$750.00Price

  • Services Provided by Marco Tax Services

    • Comprehensive Data Gathering:

      • You'll need to provide detailed financial information about the partnership, including income, expenses, deductions, and distributions to partners.
      • Supporting documentation like bank statements, invoices, contracts, and profit and loss statements will be required.

    • Partnership Tax Return Preparation:

      • Marco Tax Services will prepare the partnership's tax return (Form 1065) and any necessary schedules.
      • We'll calculate the partnership's income, deductions, and tax liability.

    • K-1 Preparation:

      • Each partner will receive a K-1 form, which reports their share of the partnership's income, losses, deductions, and credits.  

        1. Partner's Instructions for Schedule K-1 (Form 1065)

      • Marco Tax Services will prepare these K-1 forms for all partners.

    • Tax Planning and Optimization:

      • Optional services we offer is tax planning strategies to help minimize the partnership's overall tax liability.
      • This could involve considering deductions, credits, and other tax-saving opportunities.

    • IRS Compliance:

      • Ensuring that the partnership's tax return complies with all federal and state tax laws.
      • Addressing any potential tax issues or discrepancies.

    • Audit Support (Optional):

      • We offer audit assistance if the partnership is selected for an IRS audit.
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