TAX FORMS & PUBLICATIONS

access essential tax forms for your business

We understand that tax compliance can be a complex process, and we aim to simplify it by providing you with easy access to the necessary documents.

Whether you’re an individual taxpayer or a business owner, you’ll find a wealth of forms to aid you in your tax preparation.

Additionally, we provide links to state-specific tax forms, ensuring that you have all the resources you need to meet your state tax filing requirements. Streamline your tax preparation process by utilizing our centralized collection of forms and publications, designed to make your filing experience more convenient and efficient.

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starting and operating a business

IRS Form SS-4, known as the Application for Employer Identification Number (EIN), is not a typical business tax form. It is used to officially apply for an EIN, a unique nine-digit number that identifies your business. While not required for sole proprietorships and single-person LLCs without employees, completing Form SS-4 can bring several benefits, simplifying personal and business finance management. The form is easy to fill out, requiring basic business information, and can be filed online, faxed, or mailed to the IRS.

Form SS-4 : Used to apply for an Employer Identification Number.

When operating a business, there are additional IRS forms that may be relevant to your business operations alongside the typical small-business tax forms. Here are some common forms:

Form 2553 : Used to elect S corporation status for eligible entities, similar to Form 8832.

Form 2848 : Allows you to authorize a representative, such as a CPA or lawyer, to act on your behalf before the IRS.

Form 4797 : Used to report the sale, exchange, or disposition of business property, as well as gains or losses from property dispositions.

Form 8822-B : Used to inform the IRS of any changes to your business mailing address, location, or responsible party.

managing employees

When you have employees, there are several IRS forms that you’ll need to complete as an employer to report tax and income information. These forms include:

Form W-2 and W-3 : Annual forms that report employee wages and tax withholdings to the IRS and Social Security Administration.

1099-MISC Form: Annual form used to report wages and tax withholdings for contractors.

Form 1099-R : Reports distributions made for pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts.

Form 940 : Annual report of federal unemployment tax obligations.

Form 941 : Quarterly form to report income, Social Security, and Medicare taxes withheld from employee paychecks.

Form 943 : Reports wages and tax withholding specifically for agricultural employees.

Form 944 : Annual alternative to Form 941 for businesses with lower employment tax liability.

Form 3921 and Form 3922 : Forms related to the transfer of stock to employees.

sole proprietorships

As a sole proprietor, you’ll have specific tax obligations to meet. Here are the key IRS business forms for sole proprietors:

Form 1040 : File your individual income tax return, including additional schedules for your business as a sole proprietor.

Form 1040 Schedule C : Report your business’s annual income or loss, which is then used to complete your individual Form 1040.

Form 1040-ES : Calculate and pay your estimated taxes on a quarterly basis, as self-employment income isn’t subject to withholding.

Form 1040-SE : Use Schedule SE to determine your self-employment tax liability, which covers Social Security and Medicare taxes for sole proprietors.

PARTNERSHIPS

As a partnership, your tax responsibilities involve both the partnership itself and the individual partners. Here are the key IRS forms for partnerships:

Form 1065 : File this annual information return to report the partnership’s income, gains, losses, deductions, and credits.

Schedule K-1 : Each partner completes a Schedule K-1 to determine their share of the partnership’s income and losses. The calculations from Schedule K-1 are then used to complete Form 1065.

While the partnership itself does not pay income tax, the tax burden is passed on to the individual partners. As a partner, you may need to complete forms such as Form 1040 , Form 1040-ES , and Form 1040-SE . Additionally, depending on your business, you might have to file Form 1040 Schedule E , which reports supplemental income and loss from the partnership.

corporations

Corporations have specific IRS forms based on whether they are classified as S corporations or C corporations:
For C corporations:

Form 1120 : File this annual report to determine the income tax liability of your C corporation, reporting income, gains, losses, deductions, and credits.

As a shareholder of a C corporation, your personal tax return (Form 1040) reflects the taxation of distributed profits as dividends. If you’re an active shareholder participating in the business, only your salary as an employee is subject to self-employment taxes.
For S corporations:

Form 1120-S : Complete this annual report to report the income, gains, losses, deductions, and credits of your S corporation. Unlike Schedule C, Form 1120S is filed separately from your personal return.

Form 1120S Schedule K-1 : All shareholders of your S corporation should complete this form. It calculates each shareholder’s share of the business’s profit or loss. Schedule K-1 is not filed with the IRS but is used by shareholders to complete their individual tax returns.

As an S corporation shareholder, you may also need to file Form 1040 Schedule E and Form 1040-ES as part of your personal tax return.

LLC

Determining the appropriate IRS business forms for a limited liability company (LLC) depends on its classification, which can be as a corporation, partnership, or disregarded entity.

If your LLC is a disregarded entity:

Report the income and expenses of your LLC using Form 1040 Schedule C or Form 1040 Schedule E on your personal tax return.

If your LLC is a partnership (with at least two members):

File Form 1065 for the partnership, along with a Schedule K-1 for each partner. LLCs filing partnership returns may also need to include Form 1040-ES or Form 1040-SE for self-employment taxes.

If your LLC is classified as a corporation:

Complete either Form 1120 or Form 1120S , depending on the specific circumstances of your LLC.

If you wish to change your LLC’s federal tax classification, you can utilize Form 8832 . This form allows you to specify whether you want your LLC to be classified as a C corporation, partnership, or sole proprietorship for IRS purposes.

charities & nonprofits

Nonprofits and charities have specific tax obligations and reporting requirements. Here is a summary of the information and tax forms they typically need:

Nonprofit Status and Exemption:

Application for Recognition of Exemption: Nonprofits seeking tax-exempt status must file Form 1023 (or Form 1023-EZ for eligible organizations) to apply for recognition of exemption from federal income tax.

Determination Letter: Once approved, the IRS issues a determination letter confirming the organization’s tax-exempt status.

Annual Reporting:

Form 990 : Most tax-exempt organizations are required to file an annual information return, which provides financial and operational information about the organization.

Schedule A : Nonprofits that qualify for tax-exempt status under section 501(c)(3) must also complete Schedule A, which includes additional details about their charitable activities.

Employment Taxes:

Form 941 : Nonprofits with employees must file Form 941 quarterly to report income tax withholding, Social Security, and Medicare taxes.

Form W-2 : Nonprofits must provide Form W-2 to employees, reporting their wages and tax withholdings.

Donor Contributions:

Form 8283 : Nonprofits must file Form 8283 for noncash contributions valued over $500.

Written Acknowledgment: Nonprofits must provide written acknowledgments to donors for contributions of $250 or more, specifying whether any goods or services were received in return.

Unrelated Business Income:

Form 990-T : Nonprofits with unrelated business income of $1,000 or more must file Form 990-T to report and pay taxes on that income.

While these guidelines provide a general framework, it’s crucial to note that individual situations may vary. Certain circumstances, such as special tax considerations, ongoing legal matters, or business needs, may require longer retention periods. As always, consulting with a qualified tax professional can provide tailored advice and ensure you’re following the appropriate record-keeping practices for your specific situation.

Disclaimer

This guide serves as a general reference and may not cover all specific forms or situations. For comprehensive tax advice, consult a qualified tax professional. All links provided direct to the 2024 forms on the IRS website. We assume no liability for inaccuracies in this guide.

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trustworthy tax services for your business

At Havins Business Services, we are committed to maximizing your tax savings, ensuring compliance, and providing reliable guidance to support your business’s financial success. Our deep understanding of tax regulations and proactive approach to tax planning allows us to work closely with you to identify potential deductions, credits, and strategies that can minimize your tax liability.