Tax Return Forms

What are the primary tax return forms and when are these forms due?  If you are looking for an answer to these two questions then read further.  We will provide you a high level overview on the main tax return forms.

Form 1040, US Individual Income Tax Return

This is your personal tax return.  You will use this form to report your personal income such as wages, bank interest, rental income, and retirement, and your personal deductions such as mortgage interest, real estate taxes, and employee write offs.  If your business is not incorporated then you will report your business income and expenses on Form 1040 using schedule C, Profit or Loss from Business.

Your personal tax return is due on April 15th of the following year.  If the 15th is on a weekend or legal holiday, then the due date is delayed until the next business day.  If you use a fiscal year, i.e. your tax year does not end on December 31, then your individual tax return is due on 15th day of the 4th month after the end of your tax year.

Form 1120, US Corporation Income Tax Return

This is the business tax return for your incorporated business.  This is otherwise known as a C corporation.  If you have a C corporation, you may be subject to double taxation.  The C Corporation will owe taxes on profits earned.  Then any profits you take out of the corporation in the form of dividends will be taxed on your personal income tax return.  The Corporation will owe taxes and you will owe taxes on the same profit, double taxation.

Your C Corporation tax return is due on March 15th of the following year.  If the 15th is on a weekend or legal holiday, then the due date is delayed until the next business day.  If your C Corporation uses a fiscal year, i.e. the tax year does not end on December 31, then your C Corporation tax return is due on 15th day of the 3rd month after the end of your tax year.

Form 1120S, US Income Tax Return for an S Corporation

This is the business tax return for your incorporated business electing to be taxed as an S Corporation.  Most small businesses elect to be taxed as an S Corporation.  Your S Corporation generally does not pay taxes on profits.  This is the advantage of an S Corporation compared to a C Corporation.  An S Corporation is not subject to double taxation.  The profits your S Corporation are reported and taxed on your personal tax return.

Your S Corporation tax return is due on March 15th of the following year.  If the 15th is on a weekend or legal holiday, then the due date is delayed until the next business day.  If your S Corporation uses a fiscal year, i.e. the tax year does not end on December 31, then your S Corporation tax return is due on 15th day of the 3rd month after the end of your tax year.

Form 1065, US Return of Partnership Income

This is the business tax return if you are operating a business with two or more people and the business is not set up as a C Corporation or S Corporation.  Similar to S Corporation, your Partnership generally does not pay taxes on profits.  The profits of the Partnership are reported and taxed on your personal tax return.

Your Partnership tax return is due on April 15th of the following year.  If the 15th is on a weekend or legal holiday, then the due date is delayed until the next business day.  If your Partnership uses a fiscal year, i.e. the tax year does not end on December 31, then your Partnership tax return is due on 15th day of the 4th month after the end of your tax year.

Primary employment payroll forms for your business 

• Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return – This return is due on the last day of the first calendar month after the calendar year ends.
• Form 941, Employer’s Quarterly Federal Tax Return – This return is due on the last day of the first calendar month after the calendar quarter ends.
• Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees – This return is due on the last day of the first calendar month after the calendar year ends.
• Form 944, Employer’s Annual Federal Tax Return – This return is due on the last day of the first calendar month after the calendar year ends.
• Form 945, Annual Return of Withheld Federal Income Tax – This return is due on the last day of the first calendar month after the calendar year ends.

What if you have a Limited Liability Corporation?
Read our blog “How is a Limited Liability Corporation (LLC) taxed?” for more information on the tax obligations of a LLC.

You now have a better understand on the primary IRS tax returns forms but you have more questions.  Contact us and we are more than happy to address any of your questions.  Call ALG Tax Solutions 855-MI-Tax-Help (855-648-2943) or provide your contact information online.

IRS Circular 230 Disclosure: To the extent this writing contains advice on a federal tax issue, the advice is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this communication.