What are these Schedules and Forms, and why am I being charged for them?
Clients are charged for these forms and schedules because they require specialized preparation, review, and filing to ensure compliance with tax regulations and to accurately report income, deductions, credits, and other financial details specific to their situation. We have provided a list of the most commonly encountered schedules on tax returns, along with detailed explanations.
Sch A – Individuals use Schedule A to itemize deductions for mortgage interest, medical expenses, and charitable contributions.
Sch B – Schedule B reports interest and dividend income, as well as foreign bank and financial accounts.
Sch C – Schedule C reports income or loss from a business operated by a sole proprietor.
Sch C: SMLLC – Schedule C for Single Member LLCs is used to report income, expenses, and profit or loss from a business owned by one individual.
Sch C: Sole Prop – Similar to Schedule C for Single Member LLCs, this is used by sole proprietors to report business income and expenses.
Sch D – Schedule D reports capital gains and losses from selling or exchanging capital assets, like stocks or real estate.
Sch E (& E p2) – Schedule E reports income or losses from rental properties, royalties, partnerships, S corporations, and trusts.
K-1 (Schedule K-1) – Used to report income, deductions, and credits from partnerships, S corporations, and trusts to each shareholder, partner, or beneficiary; there are three variations:
Here is an additional list of less common forms and schedules for review: Additional Forms and Schedules (Less Common)
Sch A – Individuals use Schedule A to itemize deductions for mortgage interest, medical expenses, and charitable contributions.
Sch B – Schedule B reports interest and dividend income, as well as foreign bank and financial accounts.
Sch C – Schedule C reports income or loss from a business operated by a sole proprietor.
Sch C: SMLLC – Schedule C for Single Member LLCs is used to report income, expenses, and profit or loss from a business owned by one individual.
Sch C: Sole Prop – Similar to Schedule C for Single Member LLCs, this is used by sole proprietors to report business income and expenses.
Sch D – Schedule D reports capital gains and losses from selling or exchanging capital assets, like stocks or real estate.
Sch E (& E p2) – Schedule E reports income or losses from rental properties, royalties, partnerships, S corporations, and trusts.
K-1 (Schedule K-1) – Used to report income, deductions, and credits from partnerships, S corporations, and trusts to each shareholder, partner, or beneficiary; there are three variations:
- K-1 (Form 1065) – Partnership income, deductions, and credits.
- K-1 (Form 1120S) – S Corporation income, deductions, and credits.
- K-1 (Form 1041) – Trust or estate income, deductions, and beneficiary distributions.
Here is an additional list of less common forms and schedules for review: Additional Forms and Schedules (Less Common)