Your tax entity type should reflect one of the below:
- Form 1065 – This means that you are a partnership for tax purposes and file a Form 1065, or Partnership Income Tax Return, at year end.
- Form 1120 – This means that you are a corporation for tax purposes and file a Form 1120, or Corporation Income Tax Return, at year end.
- Form 1120S – This means that you are an S-corporation for tax purposes and file a Form 1120S, or S-Corp Income Tax Return, at year end.
- Schedule C / Form 1040 – This means that you are a sole proprietorship for tax purposes and report your income and losses on your Schedule C, which is then filed with a Form 1040, or Individual Income Tax Return, at year end.
For any further questions about what your tax entity may be, please reach out to the Heard Team through Conversations or email us at support@joinheard.com.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post.