Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

When two people open a new buiesness, at tax time are they…

Customer Question
When two people open a...
When two people open a new buiesness, at tax time are they suppose to fill a joint buiesness return?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 32 minutes by:
4/18/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,262
Experience: Taxes, Immigration, Labor Relations
Verified
Based on your information - you have a partnership.A partnership is the relationship existing between two or more persons/entities who join to carry on a trade or business. Each person/entity contributes money, property, labor or skill, and expects to share in the profits and losses of the business.The partnership files its own tax return form 1065 - - reporting income and deductions - thus you would need to have a separated tax ID for the partnership.But the partnership doesn't pay income tax.Partnership should issue schedules K-1 to each partner reporting pro-rata share of net taxable income (or loss) -http://www.irs.gov/pub/irs-pdf/f1065sk1.pdfSome additional information about partnerships may be found in IRS Publication 541 -http://www.irs.gov/publications/p541/index.htmlQuestions?
Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago
But the partnership doesn't pay income tax.Partnership should issue schedules K-1 to each partner reporting pro-rata share of net taxable income (or loss) -http://www.irs.gov/pub/irs-pdf/f1065sk1.pdfSome additional information about partnerships may be found in IRS Publication 541 -http://www.irs.gov/publications/p541/index.html.I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,262
33,262 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am a Foreign National working in US on H1 visa. My wife
Hello. I am a Foreign National working in US on H1 visa. My wife came to the US in Nov 2013 on H4 visa. For my 2013 Tax return I filed a joint return with my wife and made the choice to treat my wife … read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
my husband past 12/27/13. We away file married joint. He
my husband past 12/27/13. We away file married joint. He never had taxes taken out of his retirements checks. All taxes came from job. I know have to pay his half of the taxes. Can I amend my taxes an… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I received the 2 notes to pay twice $423.39 for the #127767531
I received the 2 notes to pay twice $423.39 for the #127767531 you send 2 bills when I and my wife doing joint return me JOZEF KIJEWSKI and my wife GRAZYNA KIJEWSKA To bills are got 2 different names … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Sorry that ive been keeping asking you questions, I learned
Sorry that i've been keeping asking you questions, I learned a lot from you, i do appreciate. Here is another situation: as we discussed before, I got married in 2012. So right now we are filling Feud… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,262 satisfied customers
i just checked with a cpa accountant here regarding my situation,
i just checked with a cpa accountant here regarding my situation, but my accountant think different, so I would like to see the second opinion from other cpa accountants from here. It will help me to … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,262 satisfied customers
About six months ago, my grandfather opened up a joint bank
About six months ago, my grandfather opened up a joint bank account with myself as the primary on the account. The account was opened with $80,000 that he put into the account. I am wondering if this … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Hello, I recently opened up my own small business where I
Hello, I recently opened up my own small business where I am a Single Member LLC- I have no employees, and I work out of my house. I am getting ready to submit my first estimated taxes payment due on … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
two elderly people married, he lives in Florida, her in NY.
two elderly people married, he lives in Florida, her in NY. He is retired with Social Security and a small w2 from FL, she has a normal salary with a w2 from NY. They share interest/dividends, first t… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
taxpayer filed a return for 03 as single and filed timely.
taxpayer filed a return for 03 as single and filed timely. irs assessed a large sum of tax in 05,adjusted income higher than 25% of original income. taxpayer paid the tax in 06. currently husband rece… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,262 satisfied customers
On a joint tenancy bank account consisting of stocks and bonds
On a joint tenancy bank account consisting of stocks and bonds (two joint non-spousal tenants only, one of whom has died), what are the tax consequences upon liquidating these assets? The surviving jo… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
We sold our home of 6 years on June 19th of this year. We
We sold our home of 6 years on June 19th of this year. We are living with my daughter at this time until we know what we want to do. Are we going to get hit with a capital gain tax? People keep tellin… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I live and work in VA. My wife lives and works in NJ, Do I ...
I live and work in VA. My wife lives and works in NJ, Do I have to include here income on my VA state tax form? Do I have to pay tax on here NJ Income? Thanks… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,262 satisfied customers
The guy who has been preparing my wife and my taxes was ...
The guy who has been preparing my wife and my taxes was filing us as both single. He was keeping one of the returns for himslef and giving us the other as if he had filled us as married. This man died… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
As many of you have helped out I have another question. On ...
As many of you have helped out I have another question. On March 27th I filled electronically and received a code 1301 on the date I was supposed to receive my refund which was back on April 10. I the… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I have a construction business which is a S corporation. I
I have a construction business which is a S corporation. I am the general manager and I would like to go into a Joint Venture with someone that has 3 parcels of land. He does not have a business but w… read more
LegalEagle, LLC
LegalEagle, LLC
Attorney at Law
Juris Doctorate
982 satisfied customers
If a joint tax return was filed in 1982 (because of ...
If a joint tax return was filed in 1982 (because of marraige). One individual was honest, one wasn't. Then divorce. Can the honest party be held responsible after all these years, even if it hasn't be… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,262 satisfied customers
If two people have lived together for the last two years ...
If two people have lived together for the last two years and are not married in the state of Colorado, how do they file? Married or Head of Household? Can they each claim their son for 6 months each, … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
In 2005, I filed exempt from federal income tax due to the ...
In 2005, I filed exempt from federal income tax due to the fact that I take ag loses from my family farm. In Jan. 2006 when ask to fill out a new W-4, I just trashed it because I did not want to make … read more
Joel
Joel
Real estate Broker
Vocational, Technical or Trade Scho
8 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x