Partnerships

Your partnership brings together the passions and strengths of all of your owner-partners.

Add our expertise to the mix to help maximize your tax deductions
—and give your business a boost on its way to success.

What is a Partnership?

A partnership is a legal form of business operation between two or more individuals who share management and profits. The two most common are general and limited partnerships.

How Does a Partnership Get Taxed?

Partnership taxes are a two-step process: The partnership flows through its profits/losses to each partner, and guaranteed payments made to partners for services performed (and expensed by the partnership) are subject to self-employment taxes.

If you’re LLC that has elected to be treated as a partnership, a religious organization exempt from income taxes, or are in your first year of an exciting new joint venture, Insogna CPA can help you with your IRS1065 partnership tax return.

No matter how simplified or complicated your partnership tax return and Schedule K-1s are, we are here to help.