Filing Form 1065: Key Steps for Partnerships and Multi-Member LLCs

 Form 1065, also known as the U.S. Return of Partnership Income, is a tax form that partnerships and multi-member LLCs must file annually with the IRS. Since partnerships and LLCs of this type are not taxed as separate entities, Form 1065 is used to report the business’s income, deductions, and credits. Instead of the partnership paying taxes itself, these figures are passed on to the individual partners or members, who then report their share of the income or loss on their personal tax returns. To get more information visit #form1065