Form 1065 is used by partnerships and LLCs taxed as partnerships to report business income and expenses. Since a partnership is not a taxable entity, net earnings pass through to the partners. Form 1065 is necessary to report all income, deductions, and credits of the partnership for the tax year. In this article, we will…

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Source: http://fitsmallbusiness.com/form-1065-us-return-of-partnership-income/

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