What Is Tax Form 941, and Who Needs to File It?
Form 941, also known as the Employer’s Quarterly Federal Tax Return, is one of the most important payroll tax forms many businesses file with the IRS. This form is used to report wages paid to employees, federal income tax withheld from those wages, and both the employer and employee shares of Social Security and Medicare […]
What Is Schedule C (Form 1040)?
Schedule C, Profit or Loss From Business: What It Is and Who Has to File One As a self-employed individual, small business owner, or independent contractor, filing taxes can feel complicated. One of the most important forms in that process is Schedule C (Form 1040), which is used to report business income and expenses. Schedule […]
What Is Form 1120-S?
Form 1120-S is the federal income tax return used by S corporations to report their annual financial activity to the IRS. Unlike C corporations, S corporations generally do not pay federal income tax at the entity level. Instead, income, losses, deductions, and credits typically pass through to shareholders, who report those items on their own […]
What Is Form 1099-MISC?
If you run a business, manage rental property, award prizes, or make certain other reportable payments, Form 1099-MISC is still one of the core information returns you need to understand. It remains a key IRS matching form, but the rules around it are no longer static. For 2026, the biggest development is that the general […]
Filing Form 1065: What Partners Need to Know to Report Income
Form 1065 is the federal information return used by partnerships and many multi-member LLCs taxed as partnerships. Filing it correctly is essential for IRS compliance and for giving each partner the information they need to report their share of the business’s tax items. This guide explains what Form 1065 does, who must file it, when […]
What Is Form 1099-NEC? Instructions, Deadlines & Who Must File
If your business pays an independent contractor, freelancer, or any other non-employee $600 or more in a calendar year, you are required to report those payments to the IRS using Form 1099-NEC, Non-employee Compensation. Missing this requirement or filing it incorrectly can trigger penalties that start at $60 per form and can climb as high […]