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Partnership or S Corporation Taxes

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With a partnership or an S corporation the entity itself does not actually pay taxes. As a partner or shareholder, you report your share of the entityís income or loss. Still, the entity must file a Form 1065 with the IRS indicating the individualís share of the income.

A partnership must give you a copy of Form 1065 to show you your income, loss, deduction, and credit items. As a partner, you must pay self-employment tax on the net partnership income.

S Corporations are subject to the same tax rules as those applied to a partnership, except if the shareholder works for the corporation, they are treated as employees for payroll purposes.

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