Form 1065 – Partnership Income Tax

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This course is designed for those interested to learn the basics of using Form 1065 in filing corporation income tax by putting together a systematic format of entering data into the form that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

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About This CourseBeginner

This course currently consists of a comprehensive problem showing the data input process of a Partnership into tax Form 1065. It will put together a systematic format of entering data into a Form 1065 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

Next, enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work. We will start by reviewing the data for the comprehensive problem. Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible. We will start the data input with the balance sheet. Then we will enter the income statement as it is formatted in the adjusted trial balance. Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet. We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations. The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the Partnership, showing the flow through process.

Who this course is for:

  • Tax professionals
  • Business owners considering a Partnership form of business entity
  • Tax and accounting students

Our Promise to You

By the end of this course, you will have learned income tax input to Form 1065, a partnership form.

30 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today and learn more about Form 1065 for partnership income tax preparation.

Course Curriculum

Course Sections

Introduction

Downloadable Materials

Partnership Comprehensive Problem Part 1 – Review Data

Partnership Comprehensive Problem Part 2 – Excel Worksheet

Partnership Comprehensive Problem Part 3 – Review Tax Return

Partnership Comprehensive Problem Part 4 – Enter Beginning Balances

Partnership Comprehensive Problem Part 5 – Depreciation Schedules

Partnership Comprehensive Problem Part 6 – Balance Sheet

Partnership Comprehensive Problem Part 7 – Income Statement

Partnership Comprehensive Problem Part 8 – Balance The Balance Sheet

Partnership Comprehensive Problem Part 9 – Purchase of Equipment

Partnership Comprehensive Problem Part 10 – M-1 Depreciation

Partnership Comprehensive Problem Part 11 – M-1 Sale of Equipment

Partnership Comprehensive Problem Part 12 – Sch. K Dividend Income

Partnership Comprehensive Problem Part 13 – Sch. K Interest Income

Partnership Comprehensive Problem Part 14 – Sch. D Sale

Partnership Comprehensive Problem Part 15 – Sch. K Contributions

Partnership Comprehensive Problem Part 16 – M-1 Tax Exempt Interest

Partnership Comprehensive Problem Part 17 – M-1 Meals

Partnership Comprehensive Problem Part 18 – COGS

Partnership Comprehensive Problem Part 19 – Sch K-1

Partnership Comprehensive Problem Part 20 – Diagnostics And Review

Partnership Comprehensive Problem Part 21 K-1 To Form 1040

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