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Important Tax Forms For Incorporated Entities

Important Tax Forms For Incorporated Entities

There are many benefits (and some drawbacks) to taking the next step with your company and incorporating it as a formal legal entity. One thing that is a reality for incorporated businesses and individuals alike is taxes.

What are tax forms for corporations?

As you might imagine, the tax forms are different for each type of corporation.

Image showing corporate tax filing forms for sole proprietorship and partnership, including Form 1040 and Form 1065. Relevant for self-employed, freelancers, and taxes.

Quick tip

If you are incorporating your business this year, you might be able to write off startup costs like permits, licenses, down payments and website design.

What are tax forms for sole proprietorship?

In a sole proprietorship, the business has a single employee: you. You're also the owner of the business. The goal of making the sole proprietorship model available to any American is to promote entrepreneurship by allowing sole proprietors to set up their businesses with minimal paperwork. Not so with tax forms for this business entity. There is plenty of paperwork for taxes as a sole proprietor. As such, you essentially pay tax on your income as an individual. But you use the 1040 form that every freelancer and self-employed person would use, although tax forms for sole proprietorship differ from individual income tax forms in a few ways.

What is a partnership tax form?

What is an LLC tax form?

An LLC, or limited liability company is a cross between a sole proprietorship and a partnership. They're like a corporation in that they’re more flexible with a less strict management structure and not as many regulations to follow. Many laws that govern how they are managed can also be changed without any special operating agreement. When it comes to tax forms, LLCs are treated similarly to partnerships, though they don’t pay taxes on the income from the business. The members of the LLC pay tax as individuals but use Schedule E instead of a 1099.

What is a C corporation tax form?

If you want to form a corporation but don't want to be an S corporation, you'll need to file Form 1120. C Corp taxes, like taxes in general, can be complicated and attention to detail is crucial to get them right and not miss anything. Both C Corporations and LLCs filing as a corporation use Form 1120 to report profits and losses, deductions, credits and income to figure out what the business owes in taxes. It's like the 1040 form but for corporations, and there are different types of Form 1120s for different organizations.

What is an S corporation tax form?

For small business owners, S corporations can be an extremely useful way to legally incorporate your business, especially if your goal is to have a lot of shareholders but not more than 100. Every legal business entity has specific tax requirements the IRS makes. Like C Corps, the IRS requires S Corps to file a version of the 1120 tax form called the 1120-S. It helps S corps figure out how to report their income, gains and losses, as well as tax deductions and tax credits. One big advantage of incorporating as an S Corp is limited liability protection for shareholders.

What is a nonprofit tax form?

For nonprofits, filing taxes each year is relatively simple compared to individuals and companies that are required to pay taxes. The 501c3 tax-exempt status that allows legally incorporated nonprofits not to pay taxes is maintained when they file a Form 990 with the IRS. It reports certain information to the IRS to fulfill state and federal regulations and show the IRS, and also the public and potential donors that they are operating according to the mission they were incorporated for.

Additional tax considerations for incorporated entities

Filing taxes is different for every type of incorporated entity, but some parts of the process apply to each of them.

Tips for corporate taxes - filing extension with IRS Form 7044, avoiding penalties, and checking state requirements. Relevant for self-employed, 1099, and freelancers.

How can you file an extension for your corporate tax return?

Are there penalties for filing a corporate tax return late?

Are there different requirements for state tax filing?

What’s FlyFin?

FlyFin helps incorporated entities of all kinds save on their taxes with the world's first A.I.-powered tax service. The app automates the vast majority of the work to get their taxes done and finds every possible tax deduction to save more on taxes and cut the time it takes to file down to minutes rather than hours. With a man+machine strategy, FlyFin keeps users aware of tax benefits, sends reminders of IRS deadlines and provides 24/7 consulting with its tax CPA team. When it's time to file, an expert CPA files a guaranteed 100% accurate tax return for incorporated entities as well as self-employed users.

FlyFin’s Advantage

A.I. finds every tax deduction eliminating 95% of your work

Expert tax CPAs ensure 100% accurate tax filing

On average users save $3,700

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