C-Corporations (as opposed to S-Corporations) are required to compute and remit income taxes on their taxable income.

S-Corporations and partnerships generally do not pay income taxes at the entry level, rather, they pass income or loss through to the shareholders and partners, respectively. The shareholders and partners include the income and deductions on their respective income tax returns (i.e. form 1040′s).

Federal Income Tax Return form numbers are as follows:

C-Corporations file Form 1120

S-Corporations file Form 1120-S

Partnerships file Form 1065

Proprietorships report income and expenses on Schedule C of Form 1040

Estimated Tax Payments (C-Corporations)

C-Corporations are required to make estimated tax payments on their net income. The periods and their due dates for estimated tax payments for calendar year-end businesses are as follows:

Partnerships and S-Corporations generally do not make estimated tax payments. Partners and shareholders, at the individual level, make estimated tax payments that include their portion of the profit or loss flowing from the partnership and S-Corporation.