[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-304637-105":53,"doc-detail-304637-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","partnerships-tax-year-2021","Partnerships - Tax Year 2021","","Partnerships covering Tax Year 2021 explains how partnerships are structured for tax purposes, how profits and losses flow through to partners, and why partnerships generally do not pay income tax themselves. It outlines required annual information returns such as Form 1065, the purpose and timing of providing Schedule K-1 to partners, and guidance on common partner-related filings. The material also summarizes employment taxes, information returns like Form 1099, excise and state sales taxes, and key individual partner forms including Form 1040, Schedule E, Schedule SE, and Form 1040-ES.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/partnerships-tax-year-2021/304637/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/partnerships-tax-year-2021/304637.png","ImageObject",442,249,{"name":88,"@type":89},"Emma Wilson","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-27","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Do partnerships pay income tax directly?","Question",{"text":108,"@type":109},"Generally, partnerships do not pay income tax. Instead, they pass profits or losses through to partners, who report their share on their individual tax returns.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What annual information return must a partnership file?",{"text":113,"@type":109},"A partnership generally must file an annual information return on Form 1065 to report income, deductions, gains, and losses. It may not be required for a tax year with no income and no deductible or credit activity.",{"name":115,"@type":106,"acceptedAnswer":116},"Why are Schedule K-1 forms important?",{"text":117,"@type":109},"Partners receive Schedule K-1 (Form 1065) copies by the filing deadline, including extensions. Partners use that information to complete their individual forms and report their share of partnership results.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},304637,1790195095,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":73,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},3848291630094,"https://eur-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","TAX YEAR  \n2021  \nPartnerships  \nTax Happens LLC  \n10018 Park Place Ave Riverview FL 33578 [taxhappens.com](taxhappens.com)[ ](taxhappens.com)Phone: 813-603-2073  \n[TaxHappens.com](TaxHappens.com)  \nYou can schedule an appointment via our website or by calling the office.  \nWhat You Need to Know About Partnerships  \nA partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money, property, labor, or skill and expects to share in the profits and losses of the business.  \nA partnership must file an annual information return to report the income, deductions, gains, or losses from its operations, but it does not pay income tax. Instead, it passes through any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or losson his or her tax return.  \nPartners are not employees and should not be issued a Form W-2 (nor a Form 1099). The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions. A partnership or individual partner may find the following information helpful to determine some of the forms which maybe required tobe filed.  \nPartnership Forms  \nAnnual Return of Income—Form 1065, U.S. Return of Partnership Income  \nEvery partnership that engages in a trade or business, or has gross income, must file an information return on Form 1065 showing its income, deductions, and other required information.  \nA partnership is not considered to engage in a trade or business and is not required to file a Form 1065 for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal  \nincome tax purposes. However, a partnership not currently engaged in a trade or business may want to file Form 1065, even though not technically required to do so, in order to avoid unnecessary correspondence from the IRS.  \nEmploymentTaxes  \n• Social Security and Medicare taxes and income tax withholding—Form 941, Employer’s Quarterly Federal Tax Return. Generally, each quarter, all employers who pay wages subject to income tax withholding or Social Security and Medicare taxes must file Form 941 by the last day of the month that follows the end of the quarter.  \n• Federal unemployment tax (FUTA)—Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. Generally, the FUTA tax applies to the first $7,000 paid to each employee during a calendar year after subtracting any payments exempt from FUTA tax.  \n• Depositing employment taxes. Employers must deposit federal income tax withheld, plus both the employer and employee portion of Social Security and Medicare taxes, plus or minus any prior period adjustments to tax liability. All taxpayers must use the Electronic Federal Tax Payment System (EFTPS) to make federal tax deposits.  \n• State payroll tax requirements. The partnership should check with each state in which it conducts business or has employees to ensure the state requirements are met.  \nInformation Returns, Form 1099  \nThe partnership may have to file information returns if, in the course of its trade or business, it makes payments of rents, commissions, or other fixed or determinable income totaling $600 or more to any one person during the calendar year. Generally, Form 1099-MISC, Miscellaneous Income, or Form 1099-NEC, Nonemployee Compensation, is used.  \nExciseTaxes/State SalesTaxes  \nExcise taxes are taxes paid when purchases are made on a specific good, such as gasoline. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. Sales taxes are imposed by states on sales of particular merchandise or services. The partnership needs to be aware of when these taxes may need to be collected and/orremitted to the proper authorities.  \nIndividual Forms  \nIncomeTax—Form 1040, U.S. Individual Income Tax Return, and Schedule E, Suppl","cbCaisOOxiM2XslB","https://ap.wps.com/l/cbCaisOOxiM2XslB","pdf",261169,"English","# What You Need to Know About Partnerships\n## Partnership Forms\n## Employment Taxes\n## Information Returns, Form 1099\n## Excise Taxes and State Sales Taxes\n## Individual Forms\n## Partnership Advantages and Disadvantages\n## General and Limited Partners","[{\"question\":\"Do partnerships pay income tax directly?\",\"answer\":\"Generally, partnerships do not pay income tax. Instead, they pass profits or losses through to partners, who report their share on their individual tax returns.\"},{\"question\":\"What annual information return must a partnership file?\",\"answer\":\"A partnership generally must file an annual information return on Form 1065 to report income, deductions, gains, and losses. It may not be required for a tax year with no income and no deductible or credit activity.\"},{\"question\":\"Why are Schedule K-1 forms important?\",\"answer\":\"Partners receive Schedule K-1 (Form 1065) copies by the filing deadline, including extensions. Partners use that information to complete their individual forms and report their share of partnership results.\"}]","Partnerships - Tax Year 2021 | PDF",1789815608]