Schedule K-1 is used to report the amount of income each party is responsible for in a pass-through entity, like an S corporation or partnership. Each shareholder or partner will receive a Schedule K-1. If you're part of a new S corporation or partnershi
If you're not sure how much to report on your taxes or how to calculate the correct amount, a tax table may come in handy. Read on to learn more about what exactly this table is, how to use it, and where you can find one.
A C Corporation is one of several ways to legally recognize a business for tax, regulatory and official reasons. See if starting a C Corp is right for you.
Form 8879-EO is for an officer of an organization that is tax exempt. Many forms, including 990, 1120 and 8868, can be used with Form 8879-EO. Instructions A person filling out an 8879 form either declares on the form that he will enter the personal identification number on an electronic...
Form 1120: Employment tax forms , is used to report federal income taxes withheld from employees’ wages as well as the employer’s share of Social Security and Medicare taxes. Form 940:The Employer’s Annual Federal Unemployment (FUTA) Tax Return,, is used to report and pay unemployment tax...
In terms of tax paying, there are many different forms one needs to file depending on what they need from the Internal Revenue Service. The form we will talk about today is the Sch
Form 1120-S:S corporations, which pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes, useForm 1120-S Employment tax forms Form 941:The Employer’s Quarterly Federal Tax Return,Form 941, is used to report federal income taxes withheld fro...
An Interest Charge Domestic International Sales Corporation, or IC-DISC, offers a significant federal income tax savings for making or distributing U.S. products for export. It is not a tax shelter but creates permanent tax savings by transferring income from the exporter to the tax-exempt IC-...
An S corporation is an optimal classification for small businesses that have low startup costs and are looking to remain small. Here's what else you need to know.
Form 1120-Sis essentially an S corp’s tax return. Often accompanied by aSchedule K-1, which delineates the percentage of company shares owned by each individual shareholder, Form 1120-S reports the income, losses, dividends, and other distributions that the corporation has passed to its shareh...