Business taxes: Income tax for partnerships
that have gross income must file a return on Form
1065 showing income, deductions and other required information.
Partnership returns should also include the name and address of
each partner and their share of taxable income. See the form's instructions
for more information about who must file it.
Form 1065 must be filed by April 15 if the partnership's
accounting period is the calendar year. A fiscal year return is
due by the 15th day four months after the close of the business's
fiscal year. If the partnership thinks it will miss the date, it
should file Form 8736 in April for an automatic three-month extension.
A partnership computes its income and files its return
in the same manner as an individual. Partners must pay estimated
tax if they expect to owe tax on income of $1,000 or more. Payments
are due quarterly, on April 15, June 15, Sept. 15 and Jan. 15. Tax
is only paid once income has been received. For example, if no income
was received until May 10, the estimated tax would be paid in June.