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I am keeping books for a partnership (2 partners). The partners are taxed individually. Do I book their income tax estimates and pay them through the business or do they just pay out of their own checking accounts and I do not book anything?
Country/State/Province of question: USA Already Tried: I do book for a partnership (2 partners). I know the partnership does not get taxed directly. Do I book their estimated taxes and pay through the business or do they pay from their private bank accounts and I do not book anything?
Hello lily, The taxes of each partner will be their own responsibility. Each partner should be making their own estimated tax payments and paying those out of their personal accounts. This is not an expense of the partnership and does not need to be booked or paid. If this was helpful please press the Accept button. Positive feedback is also appreciated. Thank you lily.
Accountant
25+ years tax consulting. Specializing in returns for US citizens living abroad