Tax Forms and Instructions

The following links are provided as a courtesy to clients. Your accountant at Novak | Costello will help you to determine which tax form is right for you, and will complete all tax filings needed.

IRS Schedule K-1, Form 1065
Partner’s Share of Income, Deductions, Credits, etc.

Shareholder’s Instructions for Schedule K-1
Form 1120S, 2014
Shareholder’s Share of Income, Deductions, Credits, etc. (For Shareholder’s Use Only)

IRS Form 1065
U.S. Return of Partnership Income

IRS Information on Partnerships
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it “passes through” any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return. Click on the link above to read more.

IRS Form 1041
U.S. Income Tax Return for Estates and Trusts

Exempt Organizations Tax Forms & Instructions
Charitable organizations, churches and religious entities, political organizations, private foundations, and contributors have specific tax forms and instructions. Click on the link above to read more.

Tax Information for Corporations
Click on the link above to read more about various aspects of corporate tax rules.

Form 4797, Sales of Business Property
This form is used to report the sale or exchange of property, the involuntary conversion of property and capital assets, the disposition of non-capital assets, and related transactions. Click on the link above to read more.

Accounting for Independent Contractors (Self-Employed) or Employees
Employers are often confused by the difference between and employee and an independent contractor. The IRS requires an employer to withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. An employer generally does not have to withhold or pay any taxes on payments to independent contractors. Click on the link above to read more.

Print Friendly