With 1065, you can split income to passive and non-passive, and pay SE tax on non-passive income only.
The money you saved from SE tax will more than offset your accountant fee, if you have decent income.
Check with your accountant/CPA to make sure.
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With Sched Cs, you will have a higher chance to be audited.
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04/02/2009 postreply
08:37:39