Filing as Sole Proprieter for my main business but have small general partnership business on the side

I am currently a self-employed computer technician. I file my taxes as
a sole proprietor using Turbotax Home and Business and have been for
the last few years. I like it and its easy.
In 2008 I also got involved in a small vending business with a friend
placing small candy machines at locations. We registered the business
as a general partnership. We have not really gotten it off the ground
yet and only grossed about $1000 last year and after expenses we will
likely be negative. Wanted to know the best way to file our taxes for
that business. I considered using Turbotax Business which is for Corps
and Partnerships. Is that good way to do it or would I be better off
using an accountant for the partnership business. Is there anything
special I should be aware of in respect to taxes and a general
partnership or is it pretty straightforward?
Thanks in advance,
Adam
Reply to
20vtguy
in article snipped-for-privacy@j8g2000yql.googlegroups.com, on 3/16/09 11:37 PM:
The business would file a 1065 partnership return to report the income and expenses and the partnership would issue K-1s to each of the partners for entry on their personal returns. The partnership would not pay tax.
I have not used TurboTax Business in several years but as I recall, it can do Form 1065 quite well. The catch is that it is over $100. If I do it in ProSeries as pay for return, the software fee is $30 and $3 for E-file. I only do a few of these so I don't license the software. Uncompensated advice guaranteed correct or double your money back
Frank S. Duke, Jr. CPA Cincinnati, OH USA
Reply to
Frank S. Duke, Jr.

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