# Business returns, with K-1s that flow to the owners

Prepare returns for partnerships, S corporations and C corporations. Start from the client's own books. Send each owner a K-1 that lands on their own return.

## Partnerships on Form 1065
Prepare Form 1065 for a partnership or an LLC with more than one owner. Each partner's share follows the deal you enter. Capital accounts roll forward from year to year. Guaranteed payments, special shares and each partner's basis are kept for you. Each partner gets a K-1, along with the state forms the partner needs. Each partner's role is checked against the operating agreement. A partner who is also your client sees the K-1 on their own return.

## S corporations on Form 1120-S
Prepare Form 1120-S for an S corporation. Shares follow each owner's stock and the days they held it. The owners' pay, their payouts and their basis are tracked each year. Each owner gets a K-1. The return shows when an owner's basis is too low to take a loss. Before the year ends, compare what the owner pays with a different salary.

## C corporations on Form 1120
Prepare Form 1120 for a C corporation. Book income is matched to taxable income on the schedules the return needs. Estimated payments, credits and carryovers come forward from last year. The return shows the tax and any balance due or refund. Dividends paid to the owners show up on the 1099s you send. Groups of companies that file one return together are handled too.

## K-1s that flow to the owners
A K-1 is not a PDF to type in again. Each owner's share moves from the business return to that owner's own return. When the business return changes, the owner's return shows it. You see which owners are waiting on a K-1. Owners who are not your clients get their K-1 in their own portal, or by mail.

## State returns, elections and composite returns
Each business return comes with the state returns it needs. Elect the pass-through entity tax where a state allows it. The tax paid flows to each owner's credit on their own state return. File a composite return for owners who live in other states. See what each choice costs the owners before you make it. Each state form is e-filed with the federal return.

## From the books to the return
When you keep the client's books here, the trial balance carries into the return. Each account is mapped to its line once, and the map is kept for next year. Your staff checks the result and posts any year-end changes. Then the return is ready to review. A company that keeps its own books can send you its QuickBooks Online file. See [bookkeeping](/bookkeeping).

## Extensions and e-filing
File Form 7004 for one business or for many at once. Business returns are e-filed with the IRS and the states. Each filing carries its postmark, and the answer comes back to the same record. A rejected return shows the reason and goes back to the queue. Owners are told when their K-1 is ready, and they see it in their portal.

## Try it with an example
Open the fictional dental practice's company return in the examples. See the K-1 move from the company to the owner's own return. See the state tax the company pays for its owner come back as a credit on the family's return. Change a fact and run it again. The example opens without signing in, and nothing you change there is filed. [Try the platform](/try?for=accounting) or [talk with us](/contact) about your firm.