Posted on Sunday, 26th July 2009 by admin
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Two friends and I co-own a very small S-corp business that generates about $5000 a year in total revenue. This year, we each received $500 in income from this business. What forms should we use to report this income?
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Two friends and I co-own a very small S-corp business that generates about $5000 a year in total revenue. This year, we each received $500 in income from this business. What forms should we use to report this income?
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Tags: Business Forms, S Corp, Two Friends
Posted in Small Business | Comments (1)
July 26th, 2009 at 5:41 pm
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The s-corp has to file a tax return too. Part of that set of forms will be K-1′s for each owner, allocating income, expenses, and depreciation from the s-corps to each owner. Remember that even non-cash income is taxable. Most likely you will have an accountant prepare the s-corps paperwork, RIGHT ?