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dacoyote
04-13-2006, 04:19 PM
Most specificly fed and Ohio state / local for a gerneral partnership... Fed is via 1065 with K1's... but I cannot find anything for state.... or local....
Gayle
04-13-2006, 04:50 PM
Why don't you PM ScottH? He is a tax accountant. Given the date, I doubt he is reading much here.

My theory in general is--file an extension. Think about it later.:)

If you really get desperate, message me with your question. I don't do taxes but I work in a firm that does and I may be able to get an answer for you.
liquidtiger720
04-13-2006, 05:43 PM
I feel good that I did my own taxes and sent them in this year. :)
PeterInSTL
04-13-2006, 07:01 PM
I am actually a tax accountant. Feel free to ask me any specific questions and I will try my best to answer. What local in Ohio? For Ohio I believe you will have to look at the Pass-Through Entity Tax. There are some special rules. Also for Ohio Depends on residency status of partners. See forms IT-1140 & IT 4708, Reading the instructions may hel pas well.

http://tax.ohio.gov/channels/other/ohio_taxes.stm

You are right about Fed.
Jon K
04-13-2006, 07:17 PM
PM scott... he goes ~$90/hr ;)
wingman
04-13-2006, 10:57 PM
yeah I know taxes. They are, apart from death, the only certainty in life...:(
Tiger
04-14-2006, 05:10 AM
Business TurboTax makes it very easy for you... It is well worth the money.
dacoyote
04-14-2006, 05:17 AM
I am actually a tax accountant. Feel free to ask me any specific questions and I will try my best to answer. ....

You are right about Fed.

So... 5 hours last night... and here is what I go

2x Schedule K-1 (One For Each Partner) To Give the Partner
1x Fed 1065 with Schedule A, B and K For IRS
2x Schedule K-1 (One For Each Partner) For IRS
2x K1 Cover Letters (One For Each Partner) To Give the Partner
1x Ohio IT1140 for Ohio
1x Ohio IT1140 Summary For Ohio
2x Schedule K-1 (One For Each Partner) For Ohio
1x Fed 1065 with Schedule A, B and K For Ohio

I think I got it... as for a little about the biz

We have a Transit and Delivery License is the State of Ohio. We don't have a formal storefront, nor do people pick stuff up us... The address for everything on the Biz is my personal residence... In FairView Park Oh... one of those RITA cities... the only thing I think I could be missing would be Rita(Not sure I even got these right on my persoanl side) and maybe county stuff. Our Networth is 2,426 and Line 22 of our 1065 is -50

Thanks

Charles
NovceGuru
04-14-2006, 05:31 AM
taxes....

Yeah...I better start on those...
dacoyote
04-14-2006, 05:51 AM
Business TurboTax makes it very easy for you... It is well worth the money.

Yeah.. thats what I ended up using to get as far as I did... I am not sure it did it right... shrug
dacoyote
04-14-2006, 05:51 AM
Yeah...I better start on those...

LOL.... I have efiled as late at 10:23 April 15th
Gayle
04-14-2006, 05:58 AM
LOL.... I have efiled as late at 10:23 April 15th

The last three years I have filed August 14th. And this year the extension is good til Oct 15 so I see an Oct 14th filing in my future.

Are your partners thrilled to be getting their k-1s on April 14th? Really late K-1s always used to drive me nuts back in the days before I learned how to file extensions.
dacoyote
04-14-2006, 06:04 AM
The last three years I have filed August 14th. And this year the extension is good til Oct 15 so I see an Oct 14th filing in my future.

Are your partners thrilled to be getting their k-1s on April 14th? Really late K-1s always used to drive me nuts back in the days before I learned how to file extensions.

I only got one.. .and yes he is... it's his fault.....

Gotta have books to do the taxes... when he owns 50% and doesn't understand the concept of keeping up the books.....

about 2 weeks ago we almost just filed extensions
Tiger
04-14-2006, 06:34 AM
It is right... I kinda knew you were using it when you replied what you did above... Don't worry... I have been using Turbotax Business for the last 5 years. Personal Turbotax goes back 10 years with me.
Hallmark
04-14-2006, 08:59 AM
:p
Scott H
04-14-2006, 12:38 PM
or were you afraid I'd bite your head off? :D



Most specificly fed and Ohio state / local for a gerneral partnership... Fed is via 1065 with K1's... but I cannot find anything for state.... or local....
dacoyote
04-14-2006, 05:10 PM
or were you afraid I'd bite your head off? :D

I know better then to ask....

That would like asking me to help with computers when I got my biggest deadline coming up
Scott H
04-14-2006, 06:54 PM
I appreciate the consideration but I would have helped you through it as I was coincidentally in the middle of preparing a large partnership with all kinds of state sourcing issues. The Ohio returns were on my desk this week. I could have also helped with any business apportionment as well.

Extending doesn't really have any negative effect and if there are only two partners who are closely tied to the activity, then they should be well aware of any and all delays.....understanding that their personal returns may have to go on extension.


I know better then to ask....

That would like asking me to help with computers when I got my biggest deadline coming up
dacoyote
04-15-2006, 02:37 PM
I appreciate the consideration but I would have helped you through it as I was coincidentally in the middle of preparing a large partnership with all kinds of state sourcing issues. The Ohio returns were on my desk this week. I could have also helped with any business apportionment as well.

Extending doesn't really have any negative effect and if there are only two partners who are closely tied to the activity, then they should be well aware of any and all delays.....understanding that their personal returns may have to go on extension.

I prop will bother you next week some time.... just to see how much I farked it up.... :-)