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1065 US Partnership Business Profit & Loss
Use this form to enter profit and loss amounts and explanations, be sure to add files with supporting documents example, bank statements, ledgers and/or receipts.
Legal Business Name (Enter Full Name)
*
Please enter full legal name, make to add LLC, INC, CORP ETC..
Enter Here the number of people who works in your Business. Contractors, employees, volunteers etc
Ingrese Aquí el número de personas que trabajan en su Negocio. Contratistas, empleados, voluntarios, etc.
*
I Work Alone.
Enter the number of personnel.
Anyone who is paid at least $600 within the calendar year must be reported to the IRS.
choose the month for which you are completing the profit and loss statement.
*
January
February
March
April
May
June
July
August
September
October
November
December
Annual P and L Report
If you are entering this profit and loss for the whole year at once, please choose the "Annual Report" Option.
Partner - Type of Partner
Select one:
If the corporation is owned by another corporation, company or partnership please select the type below.
Select who ones the part of this company
*
Business Owner (Individual)
C Corporation
S Corporation
LLC Partnership
General Partnership
Partner - Personal information
1. Partner's Name
First
Middle
Last
SSN or ITIN
Enter the (*decimal) amount of responsibility to the partnership. Example: if the partner owns 50% then enter (0.50)
Profit Sharing and Loss (in Decimals)
Example 0.50 or 0.30
2. Partner's Name
First
Middle
Last
SSN or ITIN
Enter the (*decimal) amount of responsibility to the partnership. Example: if the partner owns 50% then enter (0.50)
Profit Sharing and Loss (in Decimals)
Example 0.50 or 0.30
3. Partner's Name
First
Middle
Last
SSN or ITIN
Enter the (*decimal) amount of responsibility to the partnership. Example: if the partner owns 50% then enter (0.50)
Profit Sharing and Loss (in Decimals)
Example 0.50 or 0.30
Income (Gross Receipts)
Enter All Business Income. Do not exclude any amounts.
Gross Receipts and/or Sales:
*
$
Dollars
.
Cents
Add all (12) Bank Statements deposits and credits.
This means all sales income of the Business, This includes but not limited to Cash, Checks, Credit card sales etc...
Upload Bank statements and/or paper Ledgers
Add File
You must upload all 12 bank statements here, if you have paper ledgers and worksheets you must upload them here as well. You must support the income stated above.
Business Deductions:
Salaries and Wages (other than to the partners)
*
$
Dollars
.
Cents
Do not include the partner's salary with this amount.
Repairs
*
$
Dollars
.
Cents
Bad Debts
*
$
Dollars
.
Cents
Rents Paid
*
$
Dollars
.
Cents
(Other than vehicle lease payments)
Interest Paid
*
$
Dollars
.
Cents
Add up all interest paid on credit cards and Business loans if any.
Retirement Plans
*
$
Dollars
.
Cents
Add up all retirement plans like 401k and IRA accounts.
Employment (Benefits) Plans
*
$
Dollars
.
Cents
Report only trade or business activity deductions, do not include:
- Rental activity expenses.
- Deductions allocable to portfolio income.
- Qualified expenditure to which an election under section 59(e) may apply.
- Separately state items that require separate computations by the shareholders, such as charitable contributions.
- Vehicle lease payments - this amount will be calculated in the vehicle expenses sections od the interview process.
Please complete the Compensation Officer Only if the Business reported income of more than $500,000.
Income does not mean "Profit", this is for Net Income. You must complete 1125-E anytime a company reported income above the mentioned amount you must assign a person called "compensation officer".
1125-E. For corporations that gross over $500,000 a corporation officer needs to be appointed.
The corporation grossed over $500,000 and the corporation officer is the sole owner of the corporation
The corporation officer is the sole (owner) of the corporation.
The corporation (Did Not Meet Requirements)
Enter the Name of Assigned Officer.
Compensation Officer Name
First
Last
Phone
###
-
###
-
####
Wages and Compensation:
Compensation of officers
$
Dollars
.
Cents
Report total salaries and wages paid to 1125-E officers.
Other Deductions:
If your Business have W-2 employees, make sure to mention this to the tax expert at your visit to the office.
Accounting Fees
*
$
Dollars
.
Cents
Add up all accounting and tax preparation cost and enter here.
Advertising
*
$
Dollars
.
Cents
Add up all expenses like Flyers, Websites, business cards, Uniforms, marketing, craigslist ad postings etc...
Bank Fees
*
$
Dollars
.
Cents
Add up all banking fees. You can request a copy from you local branch.
Commissions
*
$
Dollars
.
Cents
Add up all expenses you had in the form of commissions, this are funds paid for refferals or business leads.
* Contracted Services
*
$
Dollars
.
Cents
Add up all the amounts paid to companies that you have not already reported under 1099-Nec form.
Credit card convenience fees
*
$
Dollars
.
Cents
Add up all credit card fees. You can request a stament from your credit card companies.
Gifts
*
$
Dollars
.
Cents
Add up any gifts givings.
Insurance
*
$
Dollars
.
Cents
Add up all insurance related expenses here, like workers copensations, liability insurance etc.
Janitorial Services
*
$
Dollars
.
Cents
Cleaning Expenses, any company you paid for cleaning, pressure washing, carpert cleaning. any clealiness related expenses.
Legal and Professional fees
*
$
Dollars
.
Cents
Attorney fees, law representation fees and expenses related to any professional fees paid.
Postage
*
$
Dollars
.
Cents
Any stamps purchases, example: USPS, UPS, FEDEX, DHL. Add up all postage related expenses.
Professional dues and subscriptions
*
$
Dollars
.
Cents
Add up here all susbcriptions related to your business, software usage, emails, hostings, websites cost, professional licenses fees, enrollments etc.
Supplies
*
$
Dollars
.
Cents
Add up here all purchases for supplies. this is not Materials, Supplies are items like, computers, welding maching, compressor, these are itmes are usually reusable.
Telephone
*
$
Dollars
.
Cents
Add up here all telephone related bills, VOIP, office phones, cellphones, employee cellphones paid by company.
Utilities
*
$
Dollars
.
Cents
Add up here, Power, Gas, Water Trash, Sewage etc, The IRS needs one sum amount for Utilities.
Reimbursed employee expenses
*
$
Dollars
.
Cents
.
Other Deductions NOT mentioned above.
You will use the following lines to eneter any other expenses not mentioned above. Make sure to describe each expense.
1- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
2- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
3- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
4- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
5- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
6- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
7- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
8- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
9- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
10- Description
Example: Fuel, Tires, or any other specific item not mentioned above.
Price
$
Dollars
.
Cents
Upload any supporting documents for Expenses. This can be outlined or highlited bank statements, Profit and loss, ledgers etc
Profit and Loss Summary:
1. Gross Receipts and/or Sales:
*
$
Dollars
.
Cents
Add all (12) Bank Statements deposits and credits.
This means all sales income of the Business, This includes but not limited to Cash, Checks, Credit card sales etc...
2. Total of Expenses:
*
$
Dollars
.
Cents
3. Statement Balance:
*
$
Dollars
.
Cents
The amount below is calculated in a whole amount. Partners will then receive a K1 with the assigned amount based on the percentage profit of ownership.
4. Total of Business income or (loss). This amount will be divided accordingly for the business owners depending on the ownership percentage.
*
$
Dollars
.
Cents
Example: If partner #1 has 0.50 profit out of a $100,000 1065. Then partner #1 will receive a K-1 for the amount of $50,000.
Use this space below to enter any questionable transaction:
Notes
*
Example: if you are not sure of a certain deduction, or which category to enter expenses.