F.A.Q TAX FORM FILLINGS

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 Federal & State Taxes:  

After the tax year is over, the business should file the annual tax returns as follows.

• Sole Proprietorship - File Form 1040 along with Pricing C
• Partnership - File Form 1065 and issue Pricing K-1 to partners
• C Corporation - File Form 1120
• S Corporation - File Form 1120S and issue Pricing K-1 for each shareholder

Employment Taxes: business entity with employees are required to pay employment taxes such as withholding and pay federal & state taxes on the employees pay, paying and reporting FICA taxes ( Social Security tax & Medicare Taxes) and Unemployment Taxes.

Also, a business should file quarterly Federal tax returns – Form 941 and annual FUTA tax return – Form 940 apart from the annual Federal and State tax returns.