How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask InfoTaxes Your Own Question
InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience:  CTEC and IRS Registered Tax Return Preparer
64379840
Type Your Tax Question Here...
InfoTaxes is online now
A new question is answered every 9 seconds

I AM AN INDIVIDUAL AND THE ONLY OFFICER OF A C CORPORATION.

This answer was rated:

I AM AN INDIVIDUAL AND THE ONLY OFFICER OF A C CORPORATION. WHAT TYPE OF FORM SHALL I USE FOR PERSONAL TAX RETURNS?

InfoTaxes :

Hello and thank you for using Just Answer!

InfoTaxes :

Since you have a corporation you will need to file your corporate taxes by using form 1120

InfoTaxes :

I will send you the link

InfoTaxes :

www.irs.gov/pub/irs-pdf/f1120.pdf

InfoTaxes :

Also once you are done with your corporate taxes then you will have form K1 this form is the one that you will need to file your personal taxes

Customer:

I was asking for personal return form

InfoTaxes :

The Form K1 will flow to your personal taxes (1040 form) once you enter the information from the K1

Customer:

is it 1040?

Customer:

My fiscal year ends on July 2013

InfoTaxes :

Yes, the K-1 will flow to your 1040 line 17

Customer:

k1 is referring to one year. It -2013- is NOT over yet

InfoTaxes :

Since your fiscal year ends on July 2013 you will need to file for an extension for your personal taxes and corporate taxes

Customer:

The owner will die soon due to the double lung cancer stage 4. can I ask extension for him?

Customer:

he i

Customer:

he is 40 yrs old

InfoTaxes :

Yes, you can ask for an extension just make sure you have a power of attorney but since you said you are the only officer you can make that decision

InfoTaxes :

I'm so sorry to hear that.

Customer:

no, he is the only officer. i was doing accounting

InfoTaxes :

You can request the extension and then the estate can take over if he has a will in place

Customer:

thanks for your kindness. he has a 2 yr old son and the girlfriend is kinda out of space.. i will see K1; shall be negative (he gave $ to the C Corp)

InfoTaxes :

I'm sorry and tell his family to be strong!

Customer:

thanks good night

InfoTaxes :

Have a great evening

InfoTaxes :

Remember that I'm here if you need more help with your tax questions, thank you in advance for the positive feedback!

InfoTaxes and 2 other Tax Specialists are ready to help you