What is Form 1120-S: Tax Return for S Corporations?
Form 1120-S is more than just a tax form; it’s a snapshot of a company’s journey that details profits, losses, and shareholder contributions. Did you know that over 5 million S Corporations in the United States rely on Form 1120-S to report their financial health each year? That’s a lot of 1120-S! For business owners, […]
Selecting a Business Entity: LLC vs. Partnership
Are you starting a business with someone else and considering what type of entity you want to form? Two popular business structures for entities with more than one person are multimember LLCs and partnerships. One common misconception is that an LLC and a partnership are the same. While they can be treated the same for […]
What is Form 1065 and Why Does It Matter?
If you’re part of a partnership, you’ve probably heard of Form 1065, mostly known as the U.S. Return of Partnership Income, if you haven’t thought of it as your partnership’s way of telling the IRS how your business performed financially over the financial year. Here’s the kicker though: partnerships don’t pay taxes directly. Instead, profits, […]
C Corporation vs. S Corporation: Which Is Best for Your Small Business?
Choosing an entity structure that makes the most sense for your small business is a difficult decision. There is an array of options, from different kinds of partnerships to corporations, that all offer their own advantages. Two popular business structures are C corporations and S corporations. For small business owners struggling to decide on an […]