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Counting Down to Tax Day: Business Tax Completion Checklist


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First, Have You Used the Correct Tax Return for Your Business?

Be sure you are using the correct return for your type of business:

  • If you are a sole proprietor or a single-member limited liability company (LLC), you will use Schedule C of your personal tax return (1040) to report your business taxes.
  • If you are a partnership or a multi-member LLC, you will file a Partnership return (1065) and report partner/member share of profits/losses on Schedule K-1.
  • If you own a corporation, you file taxes on Form 1120 - U.S. Corporation Income Tax Return.
  • If you are a Sub-chapter S Corporation, you will file corporate taxes on Form 1120-S. and report shareholder portion of profit/loss on Form K-1.
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