Re: tax info
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well, just what is required for the trucking and contractor buisiness, so as to not get in trouble with the IRS
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Last edited by jrgibbs1; 09-18-2008 at 04:22 PM.
jrgibbs,
there are different filings for the different entities Sole propreitor, Partnership, "S" Corp and "C" Corp. each one has different requirments.
Sole Propreitor, Form 1040, Sch A for personal Itemized deduction, Sch C for business expenses and anyother forms necessary, attached to there regular individual tax return.
Partnership, form 1065, is a information return where 2 or more people are partners in a business, and the loss or profit is given to the Individual Taxpayer on a Form K-1, inturn this is either added or subtracted on there Personal 1040 Return
"S" and "C" Corporations, Forms 1120S. or 1120, These forms are for use with Corporations, must pay saleries, or withdraw a salary each week, or any other way, Pay Federal withholding income, Social Security,Medicare, and unemployment Taxes
pay quarterly taxes, and corporation Federal tax returns are due by March 15th of each year. A month earlier than the average Individual 1040 or 1065
Inreference to the forms for each type of return, they have a number of other forms depending on the individual, partnership, or Corporate Information that is needed to complete each type of return.
If there are any other questions that I can answer for you please do not hesitate to ask/
I am sorry for the 2 week delay in getting back to you on this, but I have been very busy with the number of extension that I had to work on. and since my regular e-mail account was discontinued by ATT on the 18th due to cancelling my home phone and DSL account.
those e-mail accounts were attached to that service.
NEW E-MAIL:
[email protected]
Thank you,
Franklin Katz, ATP,PA, CPB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Circular 230 Ruling: Compliance
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