Assignment 1: Business Analysis

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The purpose of this paper is determine how certain types of business entities will report their taxable income. The four types that will be discussed are sole proprietorship, partnership that is equally owned, corporation, and S corporation owned by three people. The first one to discuss is the sole proprietorship
Sole Proprietorship This is the calculation for taxable income for sole proprietorship is as follows:

Sole proprietors need to file a Schedule C with their 1040 to tell the IRS whether their business made a profit or loss for the year. On Schedule C, line 1 (“Gross receipts or sales”), you’ll report all the income made throughout the tax year, including amounts reported on 1099 forms issued by your clients.
Keep in mind that self-employed taxpayers are required to keep track of their income. It doesn’t matter if the income received is cash, check or other form of payment, or whether the amounts are reported by clients on Form 1099-MISC. (Filing Taxes as a Sole Proprietor? What You Need to Know. (n.d.))
Partnership
The second …show more content…
Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. The return must be signed by a general partner. If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return. A partnership is not considered to engage in a trade or business, and is not required to file a Form 1065, for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal income tax purposes. Https://www.irs.gov/pub/irs-pdf/p541.pdf.
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