Starting a new business and keeping it through the first year is a great achievement. Congratulations!
When you file a federal income tax for your business documents and forms that you will use depends on how your business is organized.
This is how you file your corporate statement, depending on your type of business:
Sole Proprietor
If you have decided to keep things simple and structure your business as a sole proprietor, you 're in luck. Administrative requirements and tax returns are much easier as sole owner than for any other type of business.
As a sole proprietor, you are the company. You can declare all your income and business expenses on Schedule C, which you file your tax return on personal income (Form 1040). The company itself is not taxed separately.
You do not have to worry about the net value of your Schedule C business from year to year, because you and the company are the same.
If you have more than a business account for each activity on a separate Schedule C. If you have a farm that you run as a sole proprietor, complete Schedule F on your tax return the 1040 individual income
C Corporation
If you have made a C corporation, you file form 10 to your return business. Form 10 is a bit more complicated than a Schedule C; it raises more questions and you must provide balance information for the beginning and end of the tax period.
Form 10 was not filed as part of your tax return on personal income. The company pays dividends or other tax information about you on the applicable form 1099
The companies must pay taxes on their winnings, if any. Shareholders also pay taxes on dividends and other income. This is called double taxation, because the same income is taxed twice.
Partnership
If your business is structured as a partnership, you use Form 1065 to your return. A partnership, unlike a company, do not pay taxes. Instead, it passes the net income tax credits on income and other tax items through each of the partners -. Those who have a beneficial interest in the company
Each partner receives a Schedule K-1 which reports their share of items to report on their tax returns.
When you receive a Schedule K-1 for your partnership statement, you state tax items partnership in Annex E, Part II, of your tax form 1040.
S Corporation
S corporations are structured as C corporations, but have a limited number of shareholders. Like a corporation, an S corporation sells shares, the income passes directly by its shareholders.
Shareholders declare the associated revenue and a loss on their personal tax returns, using their tax rate on personal income. This allows the S corporation to avoid double taxation on income.
In this regard, it works like a partnership return using Form 1065 to your return.
non-profit organization
The non-profit organizations such as government departments, charities and many educational organizations file Form 90 to report information, including revenues, expenses and balance sheet information.
If you run a non-profit organization, you must also provide information on the officers of the organization and your funding sources
If your nonprofit organization pays you -. for example if you are an employee of your non-profit organization - you receive a W-2 form or other form so that you can declare income on your income tax return.
Limited Liability Company (LLC)
If your business is organized as a limited liability company and you own 100 percent of it, you can still complete Schedule C with your tax return on income of individuals, just like you would with an individual company.
you can choose additional filing with an LLC, however. Depending on whether you want to be treated as a C corporation or an S corporation, you can choose to file Form 10 or 10-S, respectively. Alternatively, you can post as a society, using form 1065.
What are the deadlines for filing my business taxes
deadlines March 15 e
- Forms 10, 10A and 10
deadlines April 15 e (for 2015 tax filing deadline is April 18, 2016):
- form 1065
- form 1040 Schedule C
0 Komentar