Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
How Partners Are Taxed
Tax Status of a Partner
For federal income tax purposes, a partner is considered self-employed and not an employee of the business. Each partner pays income taxes and self-employment taxes on his share of partnership net income.
Schedule E
Each partner reports his share of partnership net income (or loss) on Schedule E and carries the income or loss Form 1040.
Schedule SE
As a self-employed person, a partner is pays self-employment tax on net earnings from self-employment of $400 or more. Schedule SE is used to figure self-employment tax and is filed along with Schedule E and Form 1040.
Form 1065
The partnership files Form 1065 annually to report the partneship's income, deductions, credits, gains, and losses. Form 1065 is an information return and not used to determine income taxes; the partnership entity does not pay income taxes.
Schedule K-1
The partnership issues Schedule K-1 annually to each partner, which includes each partner's share of income, deductions, credits, gains, and losses. Each partner reports his/her share of these items on thier own individual income tax return. Items reported on Schedule K-1 retain their tax characteristics when reported on each partner's personal income tax return. For example, a charitable contribution made by the partnership remains a charitable contribution when passed through the entity to each partner.