Can I change the % of a partnership from year to year to minimize taxes owing?
Changing partnership from a historical 60/40 to 40/60 reduces taxes owing by $1200
01204
1 Replies
TurboTaxGinette
Intuit Alumni
Apr 25, 2023 7:18:16 AM
You should be claiming the same percentage every year as per your business partnership agreement originally filed. If you hold 60/40 of the business - you claim 60/40.