Which of the following is correct regarding the form for filing the annual Federal income tax...
Question:
Which of the following is correct regarding the form for filing the annual Federal income tax return?
a. Business Entity Form: LLC; Tax Form: Form 1120S
b. Business Entity Form: Sole Proprietorship; Tax Form: Form 1040-Schedule C
c. Business Entity Form: C Corporation; Tax Form: Form 1120C
d. Business Entity Form: Partnership; Tax Form: Form 1065P
Tax Forms:
Businesses and organizations may be classified in various manners based on their nature of operations, profit or non-profit motive, or ownership structure. Accordingly, various tax forms become applicable & are to be filed by the respective entities.
Answer and Explanation: 1
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View this answerThe correct answer is Option b
Sole proprietors who run businesses fill the details of income & expenses incurred on schedule C & report the...
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The Federal Tax System: Filing Taxes & Auditing
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Chapter 3 / Lesson 2
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The Federal tax system has different tools in order to make sure the various stakeholders and taxpayers comply with rules and mandates. Learn more about tax filing, audits, and how these methods regulate the tax world.
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