A tax return is a summary of the information a tax authority needs about a taxpayer, usually on an annual basis. What Is a Tax Return? A tax return is a form filed with a tax authority that reports a taxpayer's income, expenses, and other pertinent information. It allows ataxpayerto c...
It's always disappointing when your tax return is rejected, but it doesn't have to be scary. This video address some of the common mistakes that cause rejections and what you can do about it.
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File an annual income tax return (Form 1120-S) and submitSchedule K-1sfor each shareholder, reporting their share of the company’s income, deductions, and credits. The content in this article is for general information and education purposes only and should not be construed as legal or tax...
A consolidatedtax returnis a corporate income tax return of an affiliated group of corporations that elect to report their combined tax liability on a single return. This tax return allows for corporations that run their business through many legal affiliates to be viewed as one single entity. Co...
The corporation must elect to be an S corporation by filing IRS Form 2553. The corporation must file the form no more than 2 months and 15 days into the tax year the election is to take effect, or it can do so at any time during the preceding year. If the company files the form ...
For small-business owners, preparing an income tax return is far from simple, which can increase the chances of making a mistake. Here are six steps that small-business pros say you can take to cope with that hair-on-fire feeling of discovering an error after you’ve filed — plus how ...
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.
An S-corp is not a business entity type but a tax election that LLCs or corporations can make with the IRS. An S-corp’s income taxes flow through to its owners. For example, if Bob’s gift shop elects S-corp taxation he would file Form 1120-S as an information tax return. He...
The C corp entity itself is subject to corporate income taxation, while shareholders are subject to personal taxation. In simple terms, a C corp pays tax on its income just as an individual would pay tax on their yearly salary—a flat 21% on operational profits. While C corporations are de...