Melançon Enterprises > Information > Business > taxes and forms
Types of taxes and which forms to report each on
| Type of Tax | Form on Which Tax is Reported |
|---|
| Corporate income tax | Form 1120 |
| Social Security and Medicare taxes and withheld income tax (nonagricultural) | Form 941 |
| Social Security and Medicare taxes and withheld income tax (agricultural) | Form 943 |
| Federal unemployment tax (FUTA) | Form 940 |
| Excise tax | Form 720 |
Basic Tax Records
Keep records of:
- Cash receipts—used to record the cash that the business receives
- Cash disbursements—used to record the firm’s expenditures
- Sales—used to record and summarize monthly income
- Purchases—used to record the purchases of merchandise bought for processing or resale
- Payroll—used to record the wages of employees and their deductions, such as those for income taxes and Social Security taxes
- Equipment—used to record the firm’s capital assets, such as equipment, office furniture, and motor vehicles
- Inventory—used to record the firm’s investment in stock (needed for arriving at a true profit on financial statements and for income tax purposes)
- Accounts receivable—used to record balances that customers owe to the firm
- Accounts payable—used to record what the firm owes its creditors and suppliers
[From:] Robert Friedman, The Upstart Small Business Legal Guide: how to understand legal issues and protect your small business, complete with forms. Second edition. Chicago, Illinois: Dearborn Publishing, 1998. Page 87, 89. [Mini book review: bad.]