by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Retirement plans allow employers to provide tax‑favored savings for employees. Common small‑business plans include SEP IRAs, SIMPLE IRAs, SIMPLE 401(k)s, and qualified plans. Each plan has its own...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A partner may dispose of an interest through a sale, exchange, withdrawal, retirement, or at death. The tax result depends on the type of assets inside the partnership and whether the partner is...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Partnership distributions fall into two categories: current distributions and liquidating distributions. A current distribution provides money or property to a continuing partner. A liquidating...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Certain partnership assets produce ordinary income when sold or exchanged. These assets are known as hot assets and include unrealized receivables and inventory. When a partner sells a partnership...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A partner’s outside basis is the tax basis in their partnership interest. It begins with the adjusted basis of contributed property plus cash and includes the partner’s share of partnership...
