Common Tax FormS

At Fiscal Integrity Group (FIG), we go beyond simply filling out tax software forms. We understand that poor tax planning and preparation can lead to unwanted IRS notices. That's why we ensure your entire tax process is expertly managed throughout the year.

1040

Form 1040 is the standard U.S. Individual Income Tax Return used by most taxpayers to report their annual income, deductions, and credits to the IRS. It collects information on various income sources, including wages, interest, dividends, and capital gains. Taxpayers use this form to calculate their total tax liability or refund for the year. Form 1040 serves as the foundation for individual tax filing, with additional schedules and forms often required depending on the taxpayer's specific financial situation.

1120

Form 1120 is the U.S. Corporation Income Tax Return used by C corporations to report their income, gains, losses, deductions, and credits. It calculates the corporation's tax liability based on its taxable income. Form 1120 requires detailed financial information, including income statements and balance sheets. C corporations use this form to determine their federal income tax obligations, which are paid at the corporate level before any distributions to shareholders.

1065

Form 1065 is the U.S. Return of Partnership Income, used by partnerships to report their income, gains, losses, deductions, and credits. Like S corporations, partnerships are pass-through entities, meaning the business itself doesn't pay income tax. Instead, Form 1065 is an informational return that details the partnership's financial activities. Each partner receives a Schedule K-1 showing their share of the partnership's income or loss, which they then report on their individual tax returns.

Schedule C

Schedule C is an attachment to Form 1040 used by sole proprietors and single-member LLCs to report income or loss from their business. It details the business's revenue, expenses, and net profit or loss, which is then transferred to Form 1040. Schedule C allows business owners to claim various deductions related to their operations, such as advertising, office expenses, and travel costs. This form is crucial for self-employed individuals to accurately report their business income and expenses for tax purposes.

1120S

Form 1120S is specifically for S corporations to report their income, deductions, and credits. Unlike C corporations, S corporations generally don't pay federal income tax directly. Instead, Form 1120S is used to report the company's financial information, and the income, losses, and deductions are passed through to shareholders via Schedule K-1. Shareholders then report their share of the S corporation's income or loss on their individual tax returns.

1040SR

Form 1040-SR is the U.S. Tax Return for Seniors, designed for taxpayers age 65 or older. It features larger print and a standard deduction chart, making it easier for seniors to read and use. The form is functionally identical to the standard Form 1040 but highlights specific tax benefits and credits relevant to older Americans. Form 1040-SR allows seniors to report all types of income, including wages, Social Security benefits, pensions, and investment income, while providing a more accessible format for this demographic.

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