Sunday, November 25, 2007

Tax Returns

There are several forms one needs to file when it comes to their tax returns. I want to list below some of the general forms and questions one would need to know when filing their returns:

Personal Returns:
Form 1040 EZ and 1040-A for W-2 income only,no deductions

Form 1040:
Schedule A-Itemized Deductions
Schedule C-Form 1099 Income or Limited Liability Corporation(LLC) that is a single member (This is a business return)
Schedule -D Stock sales
Schedule-E Rental Property and or Partnership corporation income flow-through

Business Returns:

Form 1120S:
S Corporation income tax return (must have elected "S" status)

Form 1120:
"C" corporation tax return

Form 1065:
Partnership tax return (or more than one-member LLC)

Payroll Tax Returns:

Form 941:
Quarterly Employment tax return for FICA and FITW taxes

Form 940:
Annual Federal Unemployment Tax Return

Common Questions to ask oneself:
Do you own a home? Sch A
Did you have stock sales for any of the years?
Do you have rental property?
Did you receive 1099's for any of the years?
Were you self- employed?
Are in incorporated? Form 1120 or 1120S Elect S corporation status (Form 1120s)
Are you an LLC? Single Member? (Schedule C) More than one member? (Form 1065)
Arr you a partnership? (Form 1065)

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