VISOPR

Business Tax

Sole ProprietorshipIndividuals own an unincorporated business themselves
PartnershipA relationship existing between two or more people agreed to carry a business jointly
CorporationA legal entity separate from its owner
S CorporationsCorporations that elect to pass Income and loss to their shareholders
LLCA corporation where members can not be held personally liable for the company’s debt or liabilities

Let’s have a brief about the tax structure:

Nature of BusinessDue Date without extensionDue Date with extensionFormPartner’s/member’s liability
Individual15th day of the 4th month15th day of the 10th month1040, U.S. Individual Income Tax ReturnNA
Sole Proprietorships15th day of the 4th month15th day of the 10th month1040, U.S. Individual Income Tax Return or 1040-SR, U.S. Tax Return for Seniors

and

Schedule C (Form 1040 or 1040-SR), Profit or Loss from Business
NA
Partnership15th day of the 3rd month15th day of the 9th month

Form 1065, U.S. Return of Partnership Income


The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner
1040, U.S. Individual Income Tax Return,
or 1040-SR, U.S. Tax Return for Seniors


and

Schedule E (Form 1040), Supplemental Income and Loss
Corporation15th day of the 4th month

A new corporation filing a short-period return generally must file by the 15th day of the 4th month after the short period ends

However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month
15th day of the 10th month1120, U.S. Corporation Income Tax ReturnNA
S Corporations15th day of the 3rd month15th day of the 9th month1120S
1120S (Sch. K-1)
1040 or 1040-SR and Schedule E and other forms referenced on the shareholder’s Schedule K-1
Single-member LLC15th day of the 4th month15th day of the 10th monthForm 1040 or 1040-SRNA
Multiple-member LLC15th day of the 3rd month15th day of the 9th month
Form 1065, U.S. Return of Partnership Income


The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner
1040, U.S. Individual Income Tax Return ,
or 1040-SR, U.S. Tax Return for Seniors


and

Schedule E (Form 1040), Supplemental Income and Loss
LLC’s classified as Corporations or S Corporations ( IRS Form 8832 – Entity Classification Election.)Refer to the respective section above