Taxes for Partnerships

If you operate your business as a partnership, the partnership must file Form 1065, U.S. Partnership Return of Income, on an annual basis, to report income and deductions. Each partner must receive a copy of Schedule K-1, Partner’s Share of Income, Credits, Deductions, etc. (which is part of Form 1065), or a substitute K-1. For partnerships with a calendar year, the due date for the annual return and Schedule K-1 is April 15.