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Partnerships offer flexible structure and pass-through taxation, meaning the business files Form 1065 but partners pay tax on their share of profit via Schedule K-1. This guide explains how K-1 income is reported, how guaranteed payments work (and why they are often subject to self-employment tax), and the difference between general vs. limited partner SE tax treatment. We also cover filing deadlines, penalties, and state issues like PTE tax elections and multi-state filings.