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1065 Form: What You Should Know

Forms 1065 are  also used to report any amounts received from non-partnership sources for operations by a business  partnership. A Business Partnership Income Statement for Tax  Purpose Form (or the 1065 and Form 1065A) is filed by partners when the gross income of the partnership falls  below a threshold amount for the tax year. The Partner's Income Statement provides information about  the partner's income from all sources, including the partner's passive activities such as  selling a business or stock holding a business. The Partner's Income Statement for Tax  Purpose Form is similar to a separate Form W-2 with information about wages on individual  wages, but is usually filed with the Partnership's Partnership Income Statement.

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Video instructions and help with filling out and completing Form 1065

Instructions and Help about Form 1065

It's tax time you've got an LLC whatdoes this mean for you today we're goingto talk about whether or not you need tofile a form 1065 for your LLC and othertaxing options that you might have let'sdo thishi my name is Jim Hart I'm the foundingattorney here at Hawthorne lawI started Hawthorne law to helpvisionaries online entrepreneurs andcreators like yourself figure out how toprotect your business legally and buildsomething that matters so last week Isent out a message to my subscribers onYouTube to ask them what it is that theywanted to see more of for me what typeof videos they wanted to see and youcame through and by the way while I'mtalking about the subscribers if youhaven't already click the button herebelow and make sure you subscribe to mychannel hit the bell thingy and you'llget notified whenever I post new videosevery Tuesday and Thursday at 7 p.m. asI was saying you answered in resoundingforce and I had a tremendous responsefrom that message 72 percent of you saidyou want more videos about you guessedit LLC's and not only that I sent afollow-up message to that and said okyou want to know about LLC's whatspecifically do you want to know aboutLLC's and 53 percent of the people thatrespond to that said they wanted to knowabout the tax implications of LLC's isthat because taxes are due in just acouple weeks or is that because that'swhat you really care about I don't knowI decided I would do a video here andanswer your questions about the taximplications of LLC's specifically doyou need to file a form 1065so when you file your LLC you actuallyhave four options for your tax lienstatus for the LLC hold on a secondapart I know this is crazy right you cando the default which is a soleproprietorship you can have apartnership...