Take Control of Your 2025 Partnership Taxes with the Ultimate 1065 Checklist

Filing partnership forms doesn’t have to be overwhelming. Here’s how you can stay ahead, avoid costly mistakes, and file with confidence

Filing Your Partnership Taxes doesn’t have to be stressful

Whether it’s your first time filing or you’re a seasoned pro, this list ensures nothing slips through the cracks. Tick all the boxes in this Partnership Form checklist and take the guesswork out of your partnership tax filing.

The Deadline to File Your Partnership Form

Tax Extension is MARCH 17, 2025

Basic Information

Verify Your Business Filing Type
Know your business return type as registered with the IRS (Forms 1065, 1120, or 1120S). Not sure? Call the IRS Business Help Line at 1-800-829-4933.
Employer Identification Number (EIN)
Have your EIN ready. If you don’t have one, apply online at IRS.gov.
State Reporting Details
Gather state and state ID numbers for every location where your business has a tax obligation (nexus).
Organizational Documents
Gather state and state ID numbers for every location where your business has a tax obligation (nexus).
Previous Tax Returns
Locate prior years’ federal, state, and local returns for reference while completing Form 1065.
Estimated Tax Payments
List all payments made toward state and local taxes during the year, including dates and amounts.

Partner information

Partner Identification
Collect names, addresses, and SSNs or EINs for all partners active during the tax year.
Ownership & Profit Details
List ownership percentages and each partner’s share of profits or losses for accurate Form 1065 filing.
Financial Activity Reports
Prepare records for:
- Capital contributions or withdrawals.
- Loans to or from partners.
- Guaranteed payments, compensation, or benefits provided to partners.
Ownership Changes
Document any changes in partner ownership, including entry or exit dates, for inclusion in Form 1065.

Documents Received

Income Reporting Forms
Gather all received forms such as:
- 1099-B, 1099-DIV, 1099-INT, 1099-K, and 1099-MISC.
Ownership & Profit Details
List ownership percentages and each partner’s share of profits or losses for accurate Form 1065 filing.
Schedule K-1
Have Schedule K-1 forms for lower-tier entities your business owns.
Credit Certificates
Collect any credit certificates issued by federal or state agencies.

Business and Financial Records

Accounting Records
Use X.TAX Import feature to transfer data from your accounting software (QuickBooks Online).
Bank and Credit Card Records
Prepare statements to validate business expenses and interest payments for Form 1065.
Payroll Reports
- Copies of issued Form 1099 and W-2.
- Records of federal taxes paid (Forms 940 & 941).
- Details of state and local payroll taxes paid.
Multi-State Activity
If you operate in multiple states, compile reports showing sales, payroll, and property values by state.
Inventory Management
Record the cost of goods/materials bought for resale or production and the year-end value of inventory.

Asset Records

Depreciation Schedules
List asset details such as cost, purchase date, prior depreciation, and business use percentage.
New Assets
Log purchases made during the year, including costs and dates of service.
Disposed Assets
Detail sales proceeds, trade-in values, expenses of sale, and accumulated depreciation for assets sold or traded.
Vehicle Usage
- Provide a breakdown of actual expenses (fuel, maintenance) if applicable.
- Keep a mileage log for each business vehicle, noting both business and total usage.

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