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Paying Taxes as Partner
Posted on 8/27/23 at 11:36 am
Posted on 8/27/23 at 11:36 am
I recently received an offer in which I would join a new company as a partner. Filing taxes as a 1099 was mentioned. I’m just curious exactly how this would work as I have no idea on tax law. Any thoughts would be much appreciated.
3
Posted on 8/27/23 at 11:44 am to dirtytigers
You get a K1. No withholding, so you pay quarterly estimates. Could get a bit complicated, so you may want to use a CPA to do your taxes.
Posted on 8/27/23 at 12:24 pm to dirtytigers
youll be required to file a tax return for every state the business is registered in.
You need to find out if the business is structed as a C Corp, S corp, or partnership as that will determine the most effective way to receive the 1099 income.
As mentioned, this is something worth paying a CPA to advise you on.
You need to find out if the business is structed as a C Corp, S corp, or partnership as that will determine the most effective way to receive the 1099 income.
As mentioned, this is something worth paying a CPA to advise you on.
Posted on 8/28/23 at 3:31 pm to dirtytigers
If you are a partner in a tax partnership, you will not receive a 1099; instead you'll get a Schedule k-1 when the partnership files its annual income tax return. Partnerships do not pay income taxes; the partners are taxed on their share of the partnership net income.
Be careful, often the partner's share of the net income is greater than the draw paid to the partner. In other words, sometimes you pay tax on income you did not receive.
Be careful, often the partner's share of the net income is greater than the draw paid to the partner. In other words, sometimes you pay tax on income you did not receive.
Posted on 8/30/23 at 1:52 pm to horsesandbulls
quote:
youll be required to file a tax return for every state the business is registered in.
Not necessairly. With the rise of composite and pass-through entity taxation, this is becoming less and less of an issue.
And OP, yes, you need to talk to a CPA.
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