Sheppard Tax Preparation

Columbus, Ohio Income Tax Preparation Service

IRS, State, & Local Income Tax Preparation

(614) 523-3106 or  (877) 505-9455

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Partnership Tax Preparation in Columbus, Ohio

SCHEDULE YOUR OHIO PARTNERSHIP INCOME TAX PREPARATION TODAY (614) 523-3106

 

Ohio Partnership Income Tax Return Preparation

 

When filing income taxes as a Partnership your business is considered a pass-through entity by the IRS as all profits and losses of the partnership is passed through to each of the partners personal income tax returns. Business income tax return preparation can seem like a daunting task for owners of small-mid size businesses as there are constant changes and new tax laws and rules added by the IRS. As a year-round tax service, we stay abreast of the current income tax provisions which may have an impact on your business and personal tax responsibility.

 

Partnership Income Tax Filing

The partnership does not file a 1040 with the IRS, since each partner is responsible for filing their share of the profits or losses on their personal income tax returns. The partnership is instead required to file an information return with the IRS. The Form 1065 Information Return discloses the income, expenses, deductions, and each partners share of the income.

 

Partnership IRS Schedule K-1

A Schedule K-1 is prepared to report each partner's share of the income, losses, deductions and credits. The Schedule K-1 is included with the information return filed with the IRS. Additionally, each partner receives a copy of the Schedule K-1 that reports their share of the income, losses, deductions and credits, and must file it along with their individual income tax returns. The Schedule K-1 may report equal amounts for each partner if it is an equal partnership or different amounts for each partner based on the partnership agreement.

 

Estimated Income Tax Payments

Each partner must estimate their income tax and make quarterly payments to the IRS in April, July, October, and January.

 

Pass-Through Entity

It is important to note that as a pass-through entity the Schedule K-1 must include all income for the partnership, even if it is not dispersed to the partners. Therefore, any money left in the partnership is still reported on the individual income tax return of the partner's.

 

 

As each small-mid sized business owner faces unique situations, it is important to discuss your specific circumstances with an income tax preparer in order to maximize your deductions and minimize the amount you pay to the IRS. At Sheppard Tax Prep we work with taxes year-round and therefore are available to assist our clients with business and personal income tax preparation, tax planning, as well as larger tax issues.

Sheppard Tax Preparation

a division of Sheppard Law Offices

The Columbus, Ohio Income Tax Return Preparation office at Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive to get your taxes done from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  tax clients from Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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Sheppard Law Offices

IRS, State, & Local Income Tax Preparation (614) 523-3106 or (877) 505-9455

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