At the federal level, partnerships do not pay income tax (although a return is still required), since the profits are said to “pass through” to the partners themselves.
However, federal partnership tax obligations do include:
- Employment tax
- Excise tax
…as well as the taxes applicable to the individual partners:
- Income tax
- Self-employment tax
- Estimated tax
Careful tax preparation by an expert business tax accountant can help a partnership realize significant reductions in business and personal liabilities. These days, as most partnerships’ margins are growing slimmer, professional tax assistance from Alisa Na, CPA may be more beneficial than ever to the bottom line.
Seattle Business Tax Preparation
The firm of Alisa Na, CPA offer extensive expertise on all matters pertaining to partnership income taxes. Furthermore, when you engage our Seattle business accountants, you engage a team with the integrity and insight needed to lighten your work burden and your financial burden. We hope to learn more about how we can assist with your partnership’s income taxes, while offering the assurance of unparalleled quality in partnership tax preparation.