Who needs to use Form 1040?First, you’ll need to make sure you can use the IRS Form 1040 to file taxes on behalf of your business. In the long run, that preparation can put you in a good position for next year’s tax season and ensure you have enough in your savings account for that looming tax payment.To guide you through what might seem like an inescapable labyrinth of accountant jargon, let’s take a plain language approach to how the 1040 form is structured, what Schedules you might need, and how to file. However, slowing down before you start the process of filing taxes for your business can save you both time and money. When tax-time rolls around, it can be frustrating, overwhelming, and time-consuming.The goal for most is to get in, get out, and move on as quickly as possible.
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June 2023
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