K-1s are common for our client base & may result from:
- Income from passive or active partnerships
- Allocable share of Publicly Traded Partnerships
- Carry from employment at a Hedge Fund or Private Equity Fund
- Real estate investments
- Trusts, estates, inheritances, liquidations, etc.
Characteristics of K-1s can include:
- Multiple states
- Foreign tax credit items
- Supplementary notes
- Capital gains (long vs. short term)
For these types of situations, we are frequently approached with the following questions:
- How much should I set aside for tax if my primary compensation is K-1?
- Are there any tax-saving strategies for me available for me to limit my tax exposure?
- Can I take deductions against my K-1 income & what types of deductions would qualify?
- Can you assist with filing my annual tax return?
- Should I make estimated tax payments, and if so, how much?
- How are state taxes computed?
- How do I use passive unallowed activity losses?
These (and more) are all common scenarios that we compute for the clients.
Contact us at firstname.lastname@example.org if you would like to get started with an analysis, tax return, or to book a consultation to discuss strategy.