Partnerships taxed on a flow through basis are not taxed at the entity level. Any profit or loss flows through to the partners and into their personal tax returns. Partners are taxed at ordinary income tax rates on business profits and at capital gains tax rates on the derivation of capital gains.
The current personal income tax rates range from 10% to 37% at the federal level and from 0% to 12.1% at the state level.
We care. Asena’s guiding philosophy is to understand and have empathy with our clients while providing specialist professional tax advice and services. If you need integrated cross border tax advice and compliance our renowned team is able to help you.
In one of our previous vlogs, Peter Harper, our CEO...Read more