Let R-First Bookkeeping & Tax Practice Take Care of Your Business Partnership Tax Return
Going into business with a partner should make the process of running a successful business easier and more profitable. There’s no reason for a partnership to complicate your tax season, or take away from the pleasure and satisfaction of running your business. Let us help you maximize the profits of your business partnership!
The Most Important Step of Any Partnership Income Tax Return
The most important step for easily filing an accurate business tax return is to keep diligent records. This process should begin at incorporation, and much of the information that you will need for your partnership income tax return will be on your articles of incorporation. The articles of incorporation are the legal documents that were filed when the business began. Included in these articles of incorporation should be a partnership agreement, with necessary details like how much money each parter initially put into the company.
From the very beginning of every business, through incorporation, and all the way to selling your business, it is vital to keep accurate balance sheets about income and expenses and how they affect each partner.