Form 1065

What is Form 1065?

Form 1065, also known as the U.S. Return of Partnership Income, is a tax form used to report the income, deductions, gains, and losses of partnerships, including multi-member LLCs. Partnerships are considered pass-through entities, which means that the business's income is passed through to the partners or members, who report it on their individual tax returns.

What Information is Required on Form 1065?

Form 1065 requires you to report your business's income, deductions, and credits. This includes income from all sources, such as sales, services, and investments, as well as deductions for expenses such as salaries, rent, and supplies.

In addition, the form requires you to report any tax credits your business is eligible for, such as the research and development credit or the work opportunity tax credit.