2022 IRS Form 1065 Walkthrough | Partnership Tax Return

What does your partnership do?

If my business made $0, do I need to file a 1065, or just a Sckedule K-1, or all of them?

You are talking a little slow. Your speed s/b 10000 words per second.

Thank you for the first reply. Two more quick questions. I filed an LLC through inc file so would that technically be filed under Domestic Limited Liability company or would I still go with Domestic General Partnership. If it is a Domestic LLC than would the net profit/loss go under general partners (ii) or partnership (iv)? Thank you again

Can you do a 1120-S form for S-Corps?

where would partner contributions be accounted for?

For line 1c, if your business account has a balance left over from the previous year, do you add that to your income or just report it when you enter the owner's draw (loss)?

Thanks!

For line 29 (now line 31 I believe) what is the benefit of electing out of the centralized partnership audit regime under section 6221(b)? I was reading online that this may be beneficial for small partnerships with only a few members.

Great Video! You explained this very well. Form 1065 looks confusing, but you break it down to bits that helped me understand. Well done sir.

Firstly thank you so much for this video! Super useful and explanatory! Only two questions: If we are two non-US partners with a US based LLC but conducting business outside of the US is it the same procedure or is there anything different/ additional we have to do? If we start sometime during the year operating in the US does anything change? Again thank you very much!

If my cogs were $0 do I just leave it blank

how do i know what’s my business code number ?

This is wrong. Camera lightning equipments arent cogs. They are capital assets to be depreciated. Cogs is usually for raw material and labor costs.

I have a quick question regarding my multi-member LLC, which acts as a holding company and owns a subsidiary company with its own EIN. Since the subsidiary is wholly owned by the holding company, should the subsidiary be included on the Form 1065 for the holding company? Both companies have separate EINs, and while I'm aware that I need to file a Form 1065 for the holding company to issue Schedule K-1's to the owners, I'm unsure about the specific procedure when a subsidiary is involved. Would it be treated as a disregarded entity for tax purposes?

If possible, can make video on 1065 hedge funds

thanks for detailed instructions. I am filing a final return after closing my business. In the top date section, should the "tax year beginning" be "12/31/2022" or "1/1/2023"?

Thank you!!

This was super helpful!!! Thank YOU!

Thank you so graciously for this priceless education. This form was extremely intimidating and I was already overwhelmed before I got to the 2nd page. Bless You, INDEED!

It says to enter the total profit on 1040 line 3.
There is no line 3 on the 1040.

Hello. I made a mistake, I filed my personal taxes but wasn’t aware had to include my business. We are LLC as Partnership. Correct me if I’m wrong, to fix this I need to amend my 1040 then file 1065 with (2) K-1 forms (since its my husband and I as partners). Is there anything else I need to do? Thanks

Cost of good Sold is NOT your camera or any equipment used in the business. COGS are defined in themselves, they are bought and resold, ie. beer a bar sells or grocery stores....

Line 21. What schedule do we attach for these deductions?

Can we file 1065 without PTIN or EFIN or EAN ?

Thanks!

Thanks for the video. It was super helpful!!

Thanks

Super helpful. But do I send in the k-1 and b-1 with the 1065 and also send in a k-1 with each of our personal taxes?

Thanks for the video! Does the prior year passive loss (real estate rental business) need to be entered on current year 1065?

Thank you for the video it is very helpful. Can you help to clarify in which section I would include start up
Costs? I do have costs associated with my LLC set up and some educational and coaching programs I purchased.

Your rate of speech is too fast , you need to explain it clearly and with medium rate of speech..

People Not only from US or UK but from other part of world also watch your video who’s language is not English

Thank so much for this

THANK YOU.

Wtf! A tax related video that doesn’t put me to sleep and keeps me interested? Well done

Question: When you enter in the amount for line 2 in the Income section, it says to attach Form 1125-A) - is this a requirement? I noticed your video didn't go over that so I am curious. Thanks for the information and for breaking this down in a simple way to understand!

thanks for the helpful tutorial
if we are both foreign founders then we don't have to file the k-1, right?

Do you have a video for form 1125-a? Is it needed if you have something on line 2 (cost of goods sold)?

Great Video, Thank you - I am a UK company and have been asked to complete this form after getting an EIN number - we are supplying digital products to a USA-based company. Do I need to complete this and it appears to be for residents only?

If I have a sole llc partnership do I still need to file a 1065 ? Am the only owner

This video is very helpful. Thanks for doing this! Is there a way to e-file or would I have to go through one of their 3rd party providers? If so, would snail mail be the cheapest option?

Hi I have two questions:
1. If you choose cash one year, can you choose accrual the next year? We didn't make a lot in Year 1, so its immaterial on our 1st year whether we choose cash or accrual?
2. We have reveneue through our LLC in Year 1. However, each partner pays the expenses and startup costs out of their own pockets. Those expenses won't go into the 1065? It should be reported on our personal income taxes? Next year will be different since the LLC will be paying those expenses directly.

This will be our first time filling out a 1065. Thank you for this very informative walkthrough!

Kinda lame, every time he got to something I needed an answer to he said, "most people won't have to worry about this" and just moved on lol.

SUPER helpful, thank you!!

An area that should be clarified is that the Cost of Goods section is only for businesses that manufacture products or purchase them for resale. Your other business costs would be recorded under the DEDUCTIONS section (line 9-21).

Thank was so helpful, thank you for your time explaining that all!

Absolutely essential to our business. Thank you very much. Subscribed.

Thank you for the walk through. Question: I didn't see where to add start up money. Each partner brought in $1500 to cover costs. Also, Cost of Goods Sold, does this include all expenses incurred? For example, there were business related costs for the EIN number, and there were meal costs incurred where we had business discussions (and mileage). There were also website costs. Curious if calculating COGS is as easy as counting up all expenses incurred during the year or if we can only take the cost of the website. I guess the question is more around tangible (product = website) vs intangible (meals, mileage, business EIN, etc.). Thank you in advance.