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InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience:  CTEC and IRS Registered Tax Return Preparer
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I AM AN INDIVIDUAL AND THE ONLY OFFICER OF A C CORPORATION.

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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 other Tax Specialists are ready to help you