Corporate Tax Filing

Corporate Tax Filing

Here are some of the Corporate Tax Filing services provided by us.

Solitary Proprietorship- Form 1040 filing for For Sole Ownership

As the name suggests, the sole proprietorship relates to the business which is owned by a single individual. In other words, a single person is responsible for managing the entire business operations. For the sole proprietorship business, you are required to file Form 1040 with pricing-C. This type of business models is more popular among the people as they are easy to set up and includes less paperwork. The sole ownership businesses are subjected to minimum business laws and restrictions. So, on a whole, these business models involved minimal cost. As the single owner of the company, you are just required to get a local licence along with the business registration.

For Partnerships or Collaborations Businesses - Form 1065 and Pricing K-1

Partnership businesses refer the businesses that are being managed and operated by two individuals. If you are involved in the partnership firm, you have to file Form-1065 and you also have to provide K-1 to your partners. Usually, the partnership modelled businesses don’t have to pay taxes on their profits. However, they need to declare the operating profits and losses to the IRS in Form-1065. The businesses also need to provide Form K-1 to the partners which state both the profits and losses to each of the partner involved in the business. This form enables them to know about the amount of money or taxes they owe to the IRS.

For Corporations Form 1120

It has to be noted that “C” Corporation refers to a separate entity from its stakeholders. Usually, the “C” Corporations offers limited liability protection to the directors and stakeholders of the company. The corporations are different taxpayers for the purpose of Federal income tax filing. The people involved in the corporations need to file Form-1120 to file their Federal income tax return. In most cases, the process is similar to an individual paying his/ her own taxes for the earnings.

For S Corporations - Form 1120S and Pricing K-1

The corporations that are elected to pass the corporate credits, income and deductions to the stakeholder involved in the organization will come under the “S” Corporations. The “S” Corporations have to file Form 1120S and Pricing K-1. Stakeholders of the “S” Corporations have to give a thorough insight into the profit and losses of their personal tax returns. This helps the “S” Corporations to avoid hefty deductions on grounds of taxes on corporate income.