11035 W 96th Pl
Overland Park KS 66214
Regardless of the type of business entity you choose, all income and expenses must be reported to the Internal Revenue Service and appropriate state and local agencies.
Sole proprietors report their income and expenses on Form 1040 Schedule C. Some or all of your income may have been reported on one or more 1099-Misc, depending upon the situation. You must also use Form SE to figure and pay self-employment tax, which is the same as social security and Medicare for employees.
Corporations use Form 1120 if they are a regular C-Corp. If they have applied for a Small Business designation, they use Form 1120S . Corporations pay corporate income tax with the 1120. S-Corps use Form K-1s to pass income on to the owners who report their income on their 1040 and also Form SE for the self-employment tax.