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Partnership Income Tax

Tax PartnershipA partnership is owned by several individuals who are invested into the business. There are various types of partnerships, but none of them pay income taxes directly to the IRS. Instead, the partnership income tax return is an informational return which the taxpayer uses to prepare their own individual income tax return. The Taxperts will prepare and review partnership income tax returns and its Schedule K-1 for each partner and determine their tax liability or refund.