Income from the partnership is taxed twice: once at the business level and once as personal income.

Name: Income from the partnership is taxed twice: once at the business level and once as personal income.
Brand: Quizplus
Rating: 4.8 (54 reviews)

Question

Quizplus · Accepted Answer

Income from partnerships is not taxed at the business level. Instead, it passes through to the individual partners who report it on their personal income tax returns and pay taxes on it at their individual tax rates. Therefore, income from partnerships is only taxed once as personal income.

Income from the Partnership Is Taxed Twice: Once at the Business