2022 IRS Form 1065 Walkthrough | Partnership Tax Return

In this video, we'll walk you through how to fill out the IRS Form 1065 Partnership Tax Return. What is form 1065? IRS Form 1065 along with multiple various schedules is the base form used when filing partnership taxes. This example is based on a YouTube business conducted by two partners who split the business 50/50. At a minimum, Form 1065, Schedule B-1, and Schedule K-1 are required to be filed each and every year. Depending on your specific situation, there are additional forms that may be required as well. If you have a complicated tax situation, please consider consulting with a tax professional to ensure your Form 1065 and all other associated forms are filed correctly.

Here are all of the IRS Forms you will need in this example, to include:
IRS Form 1065
IRS Form 1065 Instructions
IRS Form Schedule B-1
IRS Form Schedule K-1

#IRS #Form1065 #partnership

DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.

[thomass]

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

[haplesshomesteadermississi]

Wow! Like so many others, I am a first time 1065 filer and was about to have a nervous breakdown trying to read the IRS instructions on how to fill out the 1065/K-1. Talk about 12 monkeys off my back after watching this video...BRAVO!!! Thank you, Thank You, THANK YOU!!!

[abuZizo]

I know this video is 2 years old but you just saved me $100+ by helping me file my own 1065 because I'm a 1st time filer. Great Job man. Subscribed to return the favor.

[betha]

I know this video is already a year old, but I just found it. Thank you so much for this walkthrough. This video, plus the K1 walkthrough were so incredibly helpful to me for filling out my tax forms for the first time for my new business. New sub!

[mariesmit]

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).

[Dubylife]

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

[alucardhellsing]

I usually don't comment under youtube videos, but I would like to thank you for this educative demonstration. It's my first time filling out taxes and I was a bit confused with all that was asked on the paper. Thank you very much.

[MrDenroe]

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!

[maul]

Thanks for your concise rundown of this form and the K-1. Even 3 years into the business, I still need a refresher every year, nice to have a quick guide to double check against.

[ro-berg]

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.

[MareCha]

Thank you so, so much for this. Informative but concise. I feel so much more confident filling out a 1065.

[diandrasantos]

this was truly a heaven sent!!! thank you SO MUCH!!!

[stevec]

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

[LIGHTSUN]

Thank you for the video.. i do have 2 's...1 if we do 1099 will that report on line 9 undersalaries? 2. on the video at 3:02 when speaking about cost of goods sold, would that apply if nothing was sold? just used things like printer and computer in the business ? thank you much

[zw.]

It's my first time to file Form1065. It's big help. Thanks.

[ashramdhan]

Appreciate your effort thanks very helpful finally found someone who knows what they doing.

[amyqv]

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!

[motorola]

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

[AlejandroHernandez-nz]

Great info. Thank you. would you do a updated video for this year?

[BrandonMartz-gy]

Where do you deduct home office expenses (mortgage, interest, utilities)?