Hi There! We are at a loss as to when to file our taxes as a partnership. Our consultant told us yearly, but we want to make sure this is correct and that it's not quarterly.

Are there any VAs that can enlighten us on this? We would hate to be in trouble with the IRS.

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Lauren & Melanie - VaVa Virtual Assistants www.VaVaVirtual.com

Hi Lauren and Melanie,
My husband and I form a partnership together for our business, we're an LLP.
I don't know why your tax consultant would have told you to file yearly, I'd definitely ask for clarification on why he or she recommended that. It could simply be that you do not have enough income to justify paying quarterly at this time, if you are a very new business this could make sense. We pay quarterly to both our state government as well as the federal government.

There can be penalties for not paying quarterly, not to mention it can be quite painful to pay a single lump sum at the end of the year if you have been making a decent amount of money through the year.

I hope this helps a bit!

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My husband and I haven't filed yet and have been in business since March. The reason is because we haven't made a single bit of profit yet. I did make $145 a few weeks back, but considering that we are currently in the hole by about $750..

Thank you ladies. This is good to know. I think we may find someone new to do our taxes. And someone who knows about partnerships! Tess, can you explain your reasoning for doing an LLP vs LLC? We've also been up in the air about that as well.

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Lauren & Melanie - VaVa Virtual Assistants www.VaVaVirtual.com

Hi Tess,

Do you by any chance have a checklist for important filing deadlines for each year for taxes/small biz documents? We think we have everything covered, however are afraid of missing something!

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Lauren & Melanie - VaVa Virtual Assistants www.VaVaVirtual.com