What to Bring to Your Appointment
Identify your business type
Sole Proprietorship & LLC
If your small business is structured as a sole proprietorship or limited liability corporation, complete IRS Form 1040. This form is simple to fill out. It is the same form used for individual income tax returns. In addition to the Form 1040, include IRS Form 1040 Schedule C and Form 1040 Schedule SE. The Schedule C is used to document your business profits and losses. Schedule SE is used to calculate self-employment taxes.
Partnership
If your business is structured as a partnership, you and your partner complete individual tax return forms. Each partner must complete a separate IRS Form 1040 and Schedule SE. The purpose of the 1040 is to document personal income generated by the business. The Schedule SE is used to calculate self-employment taxes that are due, based on the generated income. You and your partner must complete a separate IRS Form 1065, also referred to as "Schedule K." On the Schedule K, you enter information about the partnership profits and losses.
S Corporation
If your business is structured as an S Corporation, complete IRS Form 1120 S, also referred to as "Schedule K-1." The Schedule K-1 is used to report company profits and losses. A Schedule K-1 must be submitted to each individual shareholder of the company. The shareholder needs this document to complete his personal income tax return. If your corporation submits tax payments to the IRS periodically throughout the year, complete IRS Form 8109. Form 8109 reflects tax payments already made, which may decrease the amount of taxes owed.
C Corporation
If your business is structured as a C Corporation, complete IRS Forms 1120-A and 1120-W. The 1120 forms are used to report business profits and losses. They are also used to claim deductions and credits. Complete IRS Form 941 to report how much tax the company withheld from employee paychecks during the year. Complete IRS Form 940 to report and calculate federal unemployment taxes. If your corporation submits tax payments to the IRS periodically throughout the year, complete IRS Form 8109.