Get the free 2015 Partnership Income Tax - Department of Revenue - Georgiagov

IT-711 Nathan Deal Lynnette T. Riley Governor Revenue Commissioner State of Georgia Department of Revenue 2015 Partnership Income Tax General Instructions File Form 700 electronically. Visit our website

How to fill out 2015 partnership income tax

Who needs to fill out a 2015 partnership income tax return?

1. Partnerships: A partnership is a business entity where two or more individuals share the profits and losses of the business. If you were part of a partnership during the tax year 2015, you will need to file a partnership income tax return.
2. Limited Liability Companies (LLCs) classified as partnerships: If your LLC has elected to be treated as a partnership for tax purposes, you will also need to file a partnership income tax return for the 2015 tax year.
3. Financial information required: Gather all the necessary financial information for the partnership, such as income statements, balance sheets, records of expenses, and other relevant documents for the tax year 2015. This information will be used to accurately report the partnership's income and deductions.
4. Choose the right form: Partnership income tax returns are filed using Form 1065, U.S. Return of Partnership Income. Ensure you have the correct version of the form for the 2015 tax year. The form can be downloaded from the Internal Revenue Service (IRS) website or obtained from a tax professional.
5. Fill out general information: Provide the basic details about the partnership, including its name, address, Employer Identification Number (EIN), accounting method, and the start and end dates of the tax year.
6. Report partnership income: Enter the partnership's total income for the tax year 2015. This includes the partnership's share of any business profits, rental income, interest, and other sources of revenue. Report this information accurately in the appropriate sections of Form 1065.
7. Deduct partnership expenses: Deductible expenses are an essential part of calculating the partnership's taxable income. Expenses may include operating costs, salaries, rent, utilities, and other expenses directly related to the partnership's business activities. Carefully report these expenses in the appropriate sections of Form 1065 to ensure accurate calculations.
8. Allocate income and deductions: If the partnership has multiple partners, each partner's share of the partnership's income and deductions must be determined and allocated accordingly. This is typically done using the partnership agreement, but other methods may be used if agreed upon by the partners. Allocate the income and deductions accurately and report them for each partner on Schedule K-1 (Form 1065).
9. File the tax return: Once all the necessary information has been accurately entered on Form 1065 and Schedule K-1, it's time to file the tax return. Make sure to sign and date the return before sending it to the IRS. Consider e-filing the return for faster processing, or mail it to the appropriate IRS service center.
10. Keep copies for your records: It is recommended to make copies of the completed tax return and all related schedules and forms for your own records. Retain these copies for at least three years for reference, as the IRS may request them in case of an audit or review.

Remember, it's always a good idea to consult with a tax professional or accountant to ensure accurate completion of your partnership income tax return for the 2015 tax year.

For pdfFiller’s FAQs

What is partnership income tax?

Partnership income tax is a tax on the income earned by a partnership.

Who is required to file partnership income tax?

Partnerships are required to file partnership income tax returns.

How to fill out partnership income tax?

Partnership income tax returns can be filled out using Form 1065.

What is the purpose of partnership income tax?

The purpose of partnership income tax is to report the income, deductions, and credits of a partnership.

What information must be reported on partnership income tax?

Partnership income tax returns must include details of income, deductions, credits, and allocations to partners.

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