Business Federal Income Tax Forms

There are several different options when it comes to tax forms for your business. Most depend on your exact taxable profit and loss. Here is a handy list to decide which 2010 federal tax forms you need.

C-Corporation
If your business is registered as a C-Corporation, then you need to pick up the 1120 set of federal tax forms. This is for corporations that are taxed by income. If you haven’t registered your business as a corporation, you may have to fill out different 2010 federal tax forms.

S-Corporation
The 1120S set of 2010 federal tax forms is for corporations registered as an S-Corporation. These types of companies don’t get taxed on income. Instead, they are taxed through each shareholder. These types of companies must use federal tax forms 1120S to report their income.

Foreign Corporations
If your corporation is out of the country but performed business in the United States, you are required to fill out 2010 federal tax forms 1120F. Companies that also have United States source income must fill this out. Many corporations fall into this category. However, you should check with a tax attorney if you are uncertain.

Self-Employed
If you haven’t registered as a corporation and are the sole owner of your company, you’re considered self employed. When filing your taxes, you need the usual 1040 set of 2010 federal tax forms.

However, you must also grab the Schedule C. This is for taxpayers who are self employed. There is a simple version of Schedule C called the C-EZ. This is solely for extremely simple business taxes with no inventory and no employees.

Partnership
Businesses with more than one owner and haven’t registered as a corporation are considered partnerships. These businesses aren’t taxed normally. The taxes transfer to each owner of the company.

First, each partner needs the 1065 federal tax forms, specifically the Schedule K-1. This form details each partner’s share of profits and losses. The partners hand over the K-1 to their co-owners. Each partner uses the info to prepare their 1040.

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