Page 8 - Starting Business

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Table 2. Which Forms Must I File? 14:08 - 14-Jan-2015
IF you are a... THEN you may have to pay... FILE form...

Sole proprietor Income tax 1040 and Schedule C or C-EZ
1
(Schedule F for farm business)
1
Self-employment tax 1040 and Schedule SE
Estimated tax 1040-ES
Employment taxes:
• Social security and Medicare 941 or 944 (943 for farm employees)
taxes and income tax
withholding
• Federal unemployment (FUTA) 940
tax
Excise taxes See Excise Taxes
Partnership Annual return of income 1065
Employment taxes Same as sole proprietor

Excise taxes See Excise Taxes
Partner in a partnership (individual) Income tax 1040 and Schedule E 2
Self-employment tax 1040 and Schedule SE
Estimated tax 1040-ES
C corporation or S corporation Income tax 1120 (C corporation) 2
1120S (S corporation) 2

Estimated tax 1120-W (corporation only)
Employment taxes Same as sole proprietor
Excise taxes See Excise Taxes
S corporation shareholder Income tax 1040 and Schedule E 2
Estimated tax 1040-ES

1 File a separate schedule for each business.
2 Various other schedules may be needed.
Income Tax
Business Taxes
All businesses except partnerships must file an annual in-
The form of business you operate determines what taxes come tax return. Partnerships file an information return.
you must pay and how you pay them. The following are Which form you use depends on how your business is or-
the four general kinds of business taxes. ganized. See Table 2 to find out which return you have to
Income tax. file.
The federal income tax is a pay-as-you-go tax. You
Self-employment tax. must pay the tax as you earn or receive income during the

Employment taxes. year. An employee usually has income tax withheld from
his or her pay. If you do not pay your tax through withhold-
Excise taxes. ing, or do not pay enough tax that way, you might have to
pay estimated tax. If you are not required to make estima-
See Table 2 for the forms you file to report these taxes. ted tax payments, you may pay any tax due when you file
You may want to get Publication 509. It has tax your return.
TIP calendars that tell you when to file returns and Reminder. If your business is an LLC, how you elected to
make tax payments. have the LLC treated for tax purposes (either as a corpo-
ration, partnership, or as part of the LLC owner's tax re-
turn) will determine what taxes you must pay and what
forms you should use to pay your taxes.

Page 6 Publication 583 (January 2015)