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 No |
Used by Entity |
Filed with |
Used for |
Due Date |
Remarks |
|
Corporations and S-Corporations |
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|
1120 |
C-Corporation (and LLC’s taxed as C Corporation) |
IRS |
Used to report its income, deductions, gains, losses, etc |
For calendar year ending, 15th day of the 4th month after the end of the corporation’s tax year. For fiscal tax year ending June 30, 15th day of the 3rd month after the end of its tax year. |
|
|
1120-S |
S-Corporation (Other entities availing tax benefits as S-corporation would also use this form. For e.g., LLC) |
IRS |
Used to report its income, deductions, gains, losses, etc |
15th day of the 3rd month after the end of the corporation's tax year. |
|
|
Schedule K-1 |
Schedule K-1 (Form 1120-S) |
IRS |
Used to report Shareholder's share of Income, Deductions, Credits, etc |
15th day of the 3rd month after the end of the corporation's tax year. |
Provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) |
|
Partnerships & Sole Proprietor |
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|
1065 |
Partnership |
IRS |
Used to report its income, deductions, gains, losses, etc |
15th day of the 3rd month after the end of the partnership's tax year. |
|
|
Schedule K-1 |
Schedule K-1 (Form 1065) |
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 C of 1040 |
Sole Proprietor |
IRS |
Used to report the incomes, expenses, costs, etc from business |
Filed along with the individual’s personal tax return. |
Profits and Losses from business passed over to individual income is captured here |
|
Form-4562 |
To claim deduction for depreciation & amortization of assets used in business |
IRS |
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. |
|
|
Employers Tax Return (Payroll Related – Filed by employers with 1 or more employees) |
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W-2 |
Wage and Tax Statement |
1.The Social Security Administration (SSA) 2. IRS 3. Local/ State Government |
Used to report each employee’s annual compensation and all federal, state, and other payroll tax withholdings (excluding independent contractors). |
31-Jan of the year following the tax year. |
Also used when wages of $ 600 or more paid to an employee during the year |
|
W-3 |
Transmittal of Wage and Tax Statement (Summary of all W-2’s) |
IRS |
|
31-Jan of the year following the tax year. |
Employers with at-least one household employee must also file W-3 |
|
Form-940 |
Annual Federal Unemployment Tax Return (FUTA) |
IRS |
Used to report the federal unemployment tax (FUTA). |
31-Jan each year for previous year |
Only employers pay FUTA tax.
|
|
Form-941 |
Employer’s Quarterly Federal Tax Return |
IRS |
Used to reports the number of employees, their wages and taxable tips, and the federal income taxes withheld. |
Quarterly basis on April 30, July 31, October 31 and January 31. |
To be filed unless you have already submitted a final return, are a seasonal employer, or employ farm or household workers. |
|
Form-944 |
Employer’s Annual Federal Tax Return (alternative for 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. |
31-Jan of the year following the tax year. |
Written notification from the IRS permitting client to use this form instead of Form 941 is mandatory. |
|
Form-943 |
Employer's Annual Federal Tax Return for Agricultural Employees. |
IRS |
Used to report social security and Medicare taxes and withheld income taxes on wages if your employees are farm workers. |
31-Jan of the year following the tax year. |
|
|
Form-945 |
Annual Return of Withheld Federal Income Tax. |
IRS |
Used to report income tax withheld on all nonpayroll items. |
31-Jan of the year following the tax year. |
Instructions for Form 945 contains the list of nonpayroll items covered under this form. |
|
Contract Related – Filed by business |
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Form 1099-MISC |
Miscellaneous Income |
|
Used to report rents, prizes and awards, royalties, brokerage payments and other fixed determinable income. |
31-Jan of the year following the tax year. |
|
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Form 1099-NEC |
Nonemployee Compensation |
|
Used to report certain types of non-employment income for freelance and independent contract work. |
31-Jan of the year following the tax year. |
Businesses are required to file Form-1099 for each person who has been paid at least $600 during the tax year. |
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