It’s that time of year again when you need to start thinking about filing tax returns for your business. Unlike sole proprietorships, which only need to file individual tax returns, partnerships have additional filing requirements to consider.
Businesses set up as partnerships file Form 1065, U.S. Return of Partnership Income with the IRS. This form has different due dates and filing requirements from your individual tax return that you need to be aware of. To help save your business from costly IRS penalties and interest charges, we’ve put together this high-level overview of the important information you need to know about tax Form 1065.
Figuring out how to file your individual tax return is hard enough. Enlisting the assistance of a tax professional like Gordon Law can help save you time, energy, and money when it comes to filing your partnership tax return.
What is Form 1065?
Form 1065 is the tax return all U.S. partnerships file with the IRS. Partnerships use Form 1065 to report the following information:
- Information about the partnership
- Information about each partner
- Income
- Expenses
- Assets
- Liabilities
- Stockholder’s Equity
Partnerships are pass-through entities, meaning no tax liability is due with Form 1065. Instead, the net income calculated on Form 1065 is passed on to the partners to report on their individual tax returns. This information is provided on Schedule K-1.

Who is Required to File Form 1065?
Partnerships are businesses that have more than one member. If you started a business with someone else, you may have formed a partnership this year without even realizing it. If both of you contributed money or property to the venture and are expected to share in the profits and losses, you have a partnership.
Some common entities that are considered partnerships and may need to file Form 1065 include:
- Multimember LLCs (default option)
- General partnerships
- Limited partnerships
- Joint ventures
When is Form 1065 Due?
When most people think about tax return due dates, they think of April 15th since this is the due date for individual returns. Careful, though! The partnership return due date is different.
Form 1065 is due by the 15th day of the 3rd month following the end of the partnership’s tax year.
In other words, the due date is generally March 15th for a calendar year partnership. An entire month before the individual returns!
Can’t File Form 1065 by the Due Date?
Don’t panic. Since the Form 1065 due date is earlier in the year, it is very common for partnerships to file for extensions, so they have extra time to file.
Partnerships use Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, to file for an extension. Make sure you file this before March 15th.
The extension will give you some breathing room to get everything in order. You will have an additional six months to file your Form 1065. The extended due date for calendar year filers is September 15th.
How Do I Fill Out Form 1065?
Like all tax forms, the IRS publishes Form 1065 instructions on its website.
The 1065 instructions answer your questions, like where does business loan interest go on 1065? Hint: business interest expense (BIE) goes on line 15 of Form 1065.
The Form 1065 instructions also guide you with what information you will need to complete the form.
Some of the main pieces of information you will need to get together include:
- Details about each partner
- Income Statement
- Balance Sheet
What Else Do I Need to Consider for Form 1065?
Along with Form 1065 filed with the IRS, partnerships may also need to file state partnership tax returns. If you are a partner and live in a state with no income tax, you may think you don’t need to file a state tax return. Be careful, though. You may still need to file in other states.
There are several factors that determine if you need to file a partnership tax return with a certain state. It’s best to consult each state’s guidelines to ensure compliance.
How We Can Help
Whether you meant to or not, if you started a partnership with someone else, you may need to file a Form 1065. If this is your first year or doing it on your own last year gave you a headache, the experienced tax return professionals at Gordon Law can help.
Gordon Law assists many partnerships each year in filing their Form 1065. If you want easy and accurate filing, reach out to us today to see if we can help your business.
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