C CORPORATION TAX RETURN PREPARATION
C Corporation needs to file an income tax return on form 1120
by the 15th day of the third month following the end of its tax year. Income of
the C Corporation is taxed to the corporation first and then the distributed
income in form of dividends is taxed to the shareholders
S CORPORATION TAX RETURN PREPARATION
S Corporation needs to file an income tax return on form
1120-S by the 15th day of the third month following the end of its tax year.
Generally a corporation S does not pay federal tax. Instead income or loss
generated by a corporation S is passed thru to shareholders and reported on the
shareholders personal income tax return.
PARTNERSHIP RETURN PREPARATION
Partnership needs to file its income tax return on form 1065
by the 15th day of the fourth month following the end of its tax year. A
partnership must file an annual information return to report the income,
deductions, gains, losses, etc., from its operations, but it does not pay income
tax. Instead it "passes through" any profits or losses to its partners. Each
partner includes his or her share of the partnership's items on his or her tax
return.
INDIVIDUAL TAX RETURN
The standard form for a U.S. individual filing a tax return is
the 1040, which accounts for the gross income a person has earned annually.
Filing requirements vary depending on marital status, dependents, and deductions
that apply to the individual, including homeowners, students, and the
self-employed.
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