Every U.S. partnership is required to file an income tax return by or before March 15 in every year and September 15 if they have filed an extension. Like with corporations, an extension is an extension to file a return, not to pay the tax.
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.
