Coretax Solutions

Form 720 – Quarterly Federal Excise Tax Return
Who Uses It: LLCs involved in certain industries (e.g., transportation, communications, fuel)

. Schedule D – Capital Gains and Losses
Purpose: Summarizes capital gains/losses reported on Form 8949

Form 8949 – Sales and Other Dispositions of Capital Assets
Purpose: Lists details of each asset sold before totals are transferred to Schedule D

Form 4797 – Sales of Business Property
Purpose: Reports gain/loss from the sale of business assets

Form 4562 – Depreciation and Amortization
Purpose: Used to claim depreciation on business property/assets

Form 1099-NEC – Nonemployee Compensation
Who Uses It: LLCs that pay $600+ to contractors/freelancers

Purpose: Reports payments to nonemployees

Form W-3 – Transmittal of Wage and Tax Statements
Purpose: Sent to the SSA along with employee W-2s

Form W-2 – Wage and Tax Statement
Purpose: Given to employees (including owner-employees in S Corps)

Used With: Form 1040 to report wages earned

Form 941 – Employer's Quarterly Federal Tax Return
Who Uses It: LLCs with employees

Purpose: Reports income taxes, Social Security, and Medicare withheld from employees

Form 8832 – Entity Classification Election
Purpose: Allows LLCs to elect how they want to be taxed (C Corp, S Corp, etc.)

Form 2553 – Election by a Small Business Corporation
Purpose: Used by LLCs to elect S Corporation status

Due: Within 2 months and 15 days of the beginning of the tax year