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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

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20vtguy
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20vtguy at snipped-for-privacy@gmail.com wrote 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

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Frank S. Duke, Jr.

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