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How should I treat this new entity Income on my tax return?

 
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Category : > Business Tax
Posted On : Thu Nov 25th,2010

 
 

I incorporated my business this year. How should I treat this new entity on my tax return?

Answer: A corporation is reported on a tax return differently than a regular business. A regular business is reported on the Schedule C while a corporation's information is not reported on the individual tax return at all. Information from a corporation will usually show up on the tax return as dividends or on a K-1 form.

 

Example: A taxpayer incorporates his business in 2004. In 2005 the taxpayer files a corporate tax return but does not include a Schedule C on his personal return. The corporation pays the taxpayer dividends that show up on his return along with dividends earned on other investments.

  


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