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Corporations: Which Tax Forms Should You Use?
A corporation generally takes the same deductions as a sole proprietorship
to compute its taxable income, and a corporation can also take special deductions.
The profit of a corporation is taxed to both the corporation and to the shareholders
when the profit is distributed as dividends. However, shareholders cannot deduct
any loss of the corporation.
If you are a corporation or an S corporation, use the information in the charts
below to help you determine some of the forms that you may be required to file.
Note: the tables below contain links to Internal Revenue Service (IRS) forms
in PDF format.
Chart 1 - Corporation or S Corporation
| If you are a corporation or an S corporation
then you may be liable for... |
Use Form... |
| Income Tax |
1120 or 1120-A(corporation)
1120S (S corporation)
|
| Estimated tax |
1120-W
(corporation only) and 8109 |
|
Employment taxes:
- Social security and Medicare taxes and income tax withholding
- Federal unemployment (FUTA) tax
- Depositing employment taxes
|
941 ( 943
for farm employees)
940 or 940EZ
8109
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| Excise Taxes |
Refer to the Excise
Tax web page |
Chart 2 - S Corporation Shareholders
If you are an S corporation
shareholder then you may be liable for... |
Use Form... |
| Income Tax |
1040 and Schedule
E |
| Estimated tax |
1040-ES
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from the Internal Revenue Service
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