Tax Preparation = An annual process of preparing and filing tax returns, which are documents submitted to the appropriate tax authorities, such as the Internal Revenue Service (IRS) in the United States, to report income, deductions, and other relevant information.
Examples:
- Form 1040 (also known as the U.S. Individual Income Tax Return)
- The standard tax form used by individuals to report their income, deductions, and tax liabilities to the IRS.
- Collects information about various types of income, including wages, salaries, tips, self-employment income, interest, dividends, capital gains, rental income, and other taxable income sources.
- Forms 1120 & 1120-5
- Form 1120 is filed annually by C corporations (including LLCs taxed as C corporations) to calculate and settle their federal income tax liability.
- Form 1120-5 is a supplemental form that is filed along with Form 1120 to specify the cooperative’s election to be taxed differently than the standard tax treatment for cooperatives.
- Form 1065 (also known as the U.S. Return of Partnership Income)
- Filed annually by partnerships, including limited liability partnerships (LLPs) and limited liability companies (LLCs) taxed as partnerships.
- It is not used to calculate the tax owed by the partnership itself, but rather to report the partnership’s income and allocate it among its partners.
- OH IT 1040
- Individual Income Tax Return for Full-Year Ohio Residents
- RITA Form 37 & CCA
- RITA = Regional Income Tax Agency; an organization responsible for administering and collecting local income taxes on behalf of various municipalities in Ohio.
- Form 37 is used explicitly for individuals who are self-employed or have business income in addition to their wages or salaries.
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