1 / 4

Taxation Most Common Tax Forms used in Business

For a business, filing tax-return could be a multi-step activity. Basic steps to be considered are.Below is the list of most commonly used US Tax Forms by different business entities to file their returns.

Braj
Télécharger la présentation

Taxation Most Common Tax Forms used in Business

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Taxation: Most Common Tax Forms used in Business For a business, filing tax-return could be a multi-step activity. Basic steps to be considered are 1.Gathering necessary information / inputs / records. 2.Identifying the applicable forms. 3.Filling out the forms. 4.Tracking deadlines. 5.Submitting the forms to the appropriate department / state / agency. Below is the list of most commonly used US Tax Forms by different business entities to file their returns. Note: We have collected the below information from IRS. (https://www.irs.gov/) Form NoUsed by Entity Filed with Used for Due Date Remarks Corporations and S-Corporations For calendar year ending, 15th day of the 4th month after the end of the corporation’s tax year. C-Corporation (and LLC’s taxed as C Corporation) Used to report its income, deductions, gains, losses, etc 1120 IRS For fiscal tax year ending June 30, 15th day of the 3rd month after

  2. the end of its tax year. S-Corporation (Other entities availing tax benefits as S- corporation would also use this form. For e.g., LLC) 15th day of the 3rd month after the end of the corporation's tax year. Used to report its income, deductions, gains, losses, etc 1120-S IRS Provide each shareholder with a copy of their Schedule K-1 (Form 1120- S) 15th day of the 3rd month after the end of the corporation's tax year. Used to report Shareholder's share of Income, Deductions, Credits, etc Schedule K-1 Schedule K-1 (Form 1120-S) IRS Partnerships & Sole Proprietor 15th day of the 3rd month after the end of the partnership's tax year. Used to report its income, deductions, gains, losses, etc 1065 Partnership IRS Used for reporting the distributive share of a partner’s income, credits, etc. filed with Form 1065. 15th day of the 3rd month after the end of the tax year. A copy of Schedule K-1 is also provided to each partner. Schedule K-1 Schedule K-1 (Form 1065) IRS Profits and Losses from business passed over to individual income is captured here Used to report the incomes, expenses, costs, etc from business Filed along with the individual’s personal tax return. Schedule C of 1040 Sole Proprietor IRS To claim deduction for depreciation & amortization of assets used in business Employers Tax Return (Payroll Related – Filed by employers with 1 or more employees) Used to claim depreciation or amortization deductions for an asset or piece of property for tax filing purposes. Filed along with the busines tax return. Form- 4562 IRS

  3. 1.The Social Security Administration (SSA) Used to report each employee’s annual compensation and all federal, state, and other payroll tax withholdings (excluding independent contractors). Also used when wages of $ 600 or more paid to an employee during the year 31-Jan of the year following the tax year. Wage and Tax Statement W-2 2. IRS 3. Local/ State Government Transmittal of Wage and Tax Statement (Summary of all W-2’s) Annual Federal Unemployment Tax Return (FUTA) Employers with at-least one household employee must also file W-3 Only employers pay FUTA tax. 31-Jan of the year following the tax year. W-3 IRS Used to report the federal unemployment tax (FUTA). Form- 940 31-Jan each year for previous year IRS To be filed unless you have already submitted a final return, are a seasonal employer, or employ farm or household workers. Used to reports the number of employees, their wages and taxable tips, and the federal income taxes withheld. Employer’s Quarterly Federal Tax Return Quarterly basis on April 30, July 31, October 31 and January 31. Form- 941 IRS Used to reports the number of employees, their wages and taxable tips, and the federal income taxes withheld. The only businesses that qualify to use it are those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less. Written notification from the IRS permitting client to use this form instead of Form 941 is mandatory. Employer’s Annual Federal Tax Return (alternative for Form 941) 31-Jan of the year following the tax year. Form- 944 IRS Employer's Annual Federal Tax Return for Agricultural Employees. Used to report social security and Medicare taxes and withheld income taxes on wages 31-Jan of the year following the tax year. Form- 943 IRS

  4. if your employees are farm workers. Instructions for Form 945 contains the list of nonpayroll items covered under this form. Annual Return of Withheld Federal Income Tax. Used to report income tax withheld on all nonpayroll items. 31-Jan of the year following the tax year. Form- 945 IRS Contract Related – Filed by business Used to report rents, prizes and awards, royalties, brokerage payments and other fixed determinable income. Form 1099- MISC 31-Jan of the year following the tax year. Miscellaneous Income Businesses are required to file Form-1099 for each person who has been paid at least $600 during the tax year. Used to report certain types of non- employment income for freelance and independent contract work. Form 1099- NEC 31-Jan of the year following the tax year. Nonemployee Compensation Want to know more about tax prepartion forms or any other accounting services. Connect with our team by filling the below form or call us on (+1) 718-426-4661 or email us on connect@aggarwalcpa.com

More Related