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Can somebody explain to me taxes on partnership draw?
| big stage volcanic crater | 06/21/18 |
| Diverse fiercely-loyal mad-dog skullcap | 06/21/18 |
| big stage volcanic crater | 06/21/18 |
| Flesh Pisswyrm | 06/21/18 |
| big stage volcanic crater | 06/21/18 |
| aromatic cheese-eating queen of the night | 06/21/18 |
| big stage volcanic crater | 06/21/18 |
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Date: June 21st, 2018 11:44 AM Author: big stage volcanic crater I"m getting paid on a draw, on a partnership interest, receiving a K-1 at the end of year.
Are my individual tax rates the same as ordinary income?
Are there any extra deductions I can take, like for business expenses?
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Date: June 21st, 2018 11:45 AM Author: Diverse fiercely-loyal mad-dog skullcap ur fucked (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284231) |
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Date: June 21st, 2018 11:46 AM Author: big stage volcanic crater ? (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284238) |
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Date: June 21st, 2018 11:47 AM Author: Flesh Pisswyrm Your share of K-1 income is taxes as ordinary income, it's almost like a 1099 (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284250) |
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Date: June 21st, 2018 11:50 AM Author: big stage volcanic crater ok. what about business deductions? do I get to deduct expenses like laptop, travel, etc? (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284277) |
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Date: June 21st, 2018 11:51 AM Author: aromatic cheese-eating queen of the night If you were a solo getting a K-1 then you would deduct the expenses in your business return. It would lower your K-1 income. When you are in a partnership I'm not sure how it worked, probably depends how its structured. But possible the partnership deducts expenses on its business return so you cant take them (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284295) |
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Date: June 21st, 2018 11:53 AM Author: big stage volcanic crater got it, thanks. (http://www.autoadmit.com/thread.php?thread_id=4007188&forum_id=2#36284313) |