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By Milt Wright and Anita Lee Wright
Milt Wright & Associates

Resources Needed to Start Your Own Business Cont.

Forms to File for Reporting These Taxes
Internal Revenue Service

http://www.irs.gov/index.html

Sole Proprietor
Income tax (Form 1040 and Schedule C or C-EZ – Schedule F for farm business – File a separate schedule for each business.) Self-employment tax (Form 1040 and Schedule SE) Estimated tax (Form 1040-ES)
Internal Revenue Service/Small Business & Self-Employed
http://www.irs.gov/businesses/small/article/0,,id=100688,00.html

Employment Taxes
Social security and Medicare taxes and income tax withholding (Form 943 for farm employees, Form 941 for all others) Federal unemployment (FUTA) tax (Form 940 or 940-EZ) Depositing employment taxes (Form 8109 – Do not use if you deposit taxes electronically.)
Excise taxes

Partnership
Annual return of income (Form 1065) Employment taxes (Same as Sole Proprietor) Excise taxes

Partner in a Partnership (individual)
Income tax (Form 1040 and Schedule E3) Self-employment tax (Form 1040 and Schedule SE) Estimated tax (Form 1040-ES)

Corporation or S Corporation
Income tax (Form 1120 or 1120-A (corporation), Form 1120S(S corporation)) Estimated tax (Form 1120-W (corporation only) and Form 8109 – Do not use if you deposit taxes electronically.)
Employment taxes (Same as Sole Proprietor)
Excise taxes

S Corporation Shareholder
Income tax (Form 1040 and Schedule E – Various other schedules may be needed.) Employee Tax Requirements

*The Build WorkSource web site provides material on topics of interest to businesses. It is not intended as legal advice or to answer specific legal or employment problems. The information presented in the Build WorkSource web site is from many sources therefore there can be no warranty or responsibility as to the accuracy, originality or completeness. Build WorkSource is not engaged in rendering legal or other professional counsel.

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