It’s Tax Time: The Forms You Need to Know

It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return in which you’ll report the business earnings and pay taxes on the profits. A larger business will probably file a tax return that stands on its own. However, if the company is smaller, it may be filed as a part of the owner’s tax return. Regardless, there is lots of work to be done!

Sponsored Content

Tax Forms

Employees: Make sure each employee receives a W-2 form. For independent contractors, use Form 1099. File these either in paper form or electronically. It’s recommended if you have more than 250 forms to file, do so electronically.

Proprietorship & Single Member LLC Tax Return: For federal, state and local tax returns, report the profits on Schedule C and the net profit/loss amount on Schedule C on Form 1040. It’s important to note the amount included for income tax reporting is the calculated profit of the business, not the amount the owner withdrew.

Partnership Tax Return: Use Form 1065. Each partner receives Schedule K-1, which reports his/her share of the profits. Each partner reports the net profits reported on Schedule K-1 on his/her personal tax return, using Schedule E.

LLP or Multimember LLC Tax Return: The business files Form 1065. If the business opts to be treated as a corporation, including an S corporation, then it must file Form 8832.

S Corporation Tax Return: File Form 1120S. Include Schedule K-1 with the return to report the profit for each stockholder and a summary of any other transactions specific to that stockholder. The S Corporation also files state income tax returns for every state in which it conducts business.

C Corporation Tax Return: File federal Form 1120 and applicable state corporate tax returns. Make sure stockholders receive the appropriate tax forms. W-2 for wages, 1099-MISC for directors’ fees, 1099-INT for interest, and 1099-DIV for dividends.

Featured Programs:
Sponsored School(s)
Featured Bachelor Programs
SNHU’s undergraduate degrees in accounting are delivered fully online by world-class expert faculty, offering the best in convenience and academic excellence.
Purdue University Global Logo
Purdue University Global
Purdue University’s online learning experience is like no other, offering students interactive, live seminars that can be accessed from anywhere in the world. Theory here is complemented with team-building and project-based learning for a well-rounded educational experience.
Eastern Oregon University Logo
Eastern Oregon University
Eastern Oregon University offers diverse bachelor’s options, delivered 100% online. Your own support team will ensure you’re on-time, on-track, and headed toward success. Take an additional 45 credits and you’ll be qualified to sit for the Uniform CPA Exam.
Lindenwood University Logo
Lindenwood University
Lindenwood’s fully online BBA in Accounting allows students to take classes wherever and whenever it’s most convenient. Lindenwood students enjoy perks that include an online academic advisor and career center. Also offers a Master of Accountancy and an MBA in Accounting.
Arizona State University Logo
Arizona State University
Featured Program: BS in Accountancy
ASU’s BS in Accountancy is backed by a 15-year track record of offering innovative, online degree programs. Student support is part of the package at ASU, with enrollment coaches, academic advisors, and success coaches focused solely on your success.
Featured Masters Programs
Offering the same tuition rates for ten years running, SNHU’s online master’s in accounting is one of the most affordable high-quality programs in the business. Dedicated advisors and 24/7 tech support provide students with unmatched support and guidance in a fully online program. No GMAT or GRE required.
Capella University Logo
Capella University
Capella’s online PsyD in Clinical or School Psychology program is rich in support and engagement, highly interactive, and designed with your unique learning needs in mind. Online learning here is complemented with dynamic, in-person experiences.
Liberty University Logo
Liberty University
The online MSA program through Liberty University offers an affordable, accessible, high-quality way to develop advanced accounting skills, putting a world-class Christian-centered education within reach. Holds specialty, programmatic accreditation through the ACBSP. 100% online. Military tuition discounts available.
The University of Scranton Logo
The University of Scranton
At the University of Scranton, you can earn your master’s in accounting 100% online in as little as 12-months. Custom tailor your program with a wide selection of diverse and contemporary electives. No GMAT or GRE required.
Utica College Logo
Utica College
Utica’s online MBA in Finance & Accounting program develops business-focused accounting skills, providing you with real-world financial modeling experience while putting managerial and cost accounting front and center. Holds specialty, programmatic accreditation through the ACBSP. No GMAT or GRE required. 100% online with no on-campus requirements.
Our site does not feature every educational option available on the market. We encourage you to perform your own independent research before making any education decisions. Many listings are from partners who compensate us, which may influence which programs we write about. Learn more about us.

©2022 All Rights Reserved.