Best Business Tax Filing Services in US

Business 1120 C-corp Tax Info

1120 C-corp

A corporation, sometimes called a C corporation, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.

Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting. Unlike sole proprietors, partnerships, and LLCs, corporations pay income tax on their profits. In some cases, corporate profits are taxed twice — first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns.

To know more about your TY2020 and your Tax benefits please do contact us on our toll free no or you can send us a query on reachus@phoenixtaxfilers.com

Business 1120 S-corp Tax Info

1120 S-corp

An S-corporation, sometimes called an S-corporation, is a special type of corporation that's designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owners' personal income without ever being subject to corporate tax rates.

Not all states tax S-corps are equal, but most recognize them the same way the federal government does and taxes the shareholders accordingly. Some states tax S corps on profits above a specified limit and other states don't recognize the S corporation election at all, simply treating the business as a C corp.

S corps must file with the IRS to get S corporation status, a different process from registering with their state.

To know more about your TY2020 and your Tax benefits please do contact us on our toll free no or you can send us a query on reachus@phoenixtaxfilers.com or phoenixtaxfilers@gmail.com

1065 Partnership Info

1065 PARTNERSHIP

Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP). A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.

• Form a partnership

• Make partnership distributions

• Understand exclusion rules

• End a partnership.

Reporting Partnership Income

A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners. Each partner reports their share of the partnership's income or loss on their personal tax return.

Partners are not employees and shouldn't be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.

To know more about your TY2020 and your Tax benefits please do contact us on our toll free no or you can send us a query on reachus@phoenixtaxfilers.com or phoenixtaxfilers@gmail.com

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Business Tax Filing / Extension

1120 C-corp

1120 S-corp

1065 PARTNERSHIP

Reporting Partnership Income

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