Essential Tax Forms: A Quick Guide for Filers

The article provides an overview of three key tax forms: Schedule C for sole proprietors, Form 1040 for individual taxpayers, and Form 1120 for C corporations, detailing their purposes and the required documentation for each. It highlights the specific types of income, expenses, and records needed to accurately complete these forms.

Tax Form	Description	Required Documentation
Schedule C	Schedule C (Form 1040) is used by sole proprietors to report income or loss from a business they operated or a profession they practiced as a sole proprietor. This form is also used to report income from a qualified joint venture.	- Business income and expenses - Receipts and invoices - Mileage logs - Inventory records - 1099-MISC forms
Form 1040	Form 1040 is the standard federal income tax form used by U.S. taxpayers to file their annual income tax returns. It includes sections for reporting income, claiming tax deductions and credits, and calculating the amount of tax owed or refund due.	- W-2 forms - 1099 forms - Records of other income (e.g., rental income, dividends) - Documentation for deductions (e.g., mortgage interest, charitable contributions) - Social Security numbers for dependents
Form 1120	Form 1120 is the U.S. Corporation Income Tax Return form used by C corporations to report their income, gains, losses, deductions, and credits, and to calculate their income tax liability.	- Financial statements (income statement, balance sheet) - Records of income and expenses - Payroll records - Documentation for deductions and credits - Previous year's tax return

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