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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

P>It's tax time. You've got an LLC. What does this mean for you? Today, we're going to talk about whether or not you need to file a form 1065 for your LLC and other taxing options that you might have. Let's do this. Hi, my name is Jim Hart. I'm the founding attorney here at Hawthorne Law. I started Hawthorne Law to help visionaries, online entrepreneurs, and creators like yourself figure out how to protect your business legally and build something that matters. So last week, I sent out a message to my subscribers on YouTube to ask them what it is that they wanted to see more of from me, what type of videos they wanted to see. And you came through. And by the way, while I'm talking about subscribers, if you haven't already, click the button here below and make sure you subscribe to my channel, hit the bell thingy, and you'll get notified whenever I post new videos every Tuesday and Thursday at 7 p.m. As I was saying, you answered in resounding force and I had a tremendous response from that message. 72 percent of you said you want more videos about, you guessed it, LLCs. And not only that, I sent a follow-up message to that and said, "Okay, you want to know about LLCs. What specifically do you want to know about LLCs?" And 53 percent of the people that responded to that said they wanted to know about the tax implications of LLCs. Is that because taxes are due in just a couple of weeks? Or is that because that's what you really care about? I don't know. I decided I would do a video here and answer your questions about the tax implications of LLCs, specifically, do you need to file a form 1065. So when...