There are many different income or revenue streams that flow to the Form 1040. I will list just a few here, so you can get an idea: wages from employment, interest paid by a bank for your cash investments, and dividends paid by companies for your investment in their organization. Of course, revenue or losses from results of the business activities also flow to the Form 1040.
Corporate tax returns are a summation of the results from the business activity. The results are then recapped in a Schedule K-1. Normally the corporate tax return is completed first, then we move to the individual tax return.
The financial and management reports for the business will be printed and reviewed by the internal team to spot trends. These trends will be captured and a discussion with the management team of the business will be held to suggest cost reduction strategies, revenue growth and potential increase to gross margins. Of course, the most important is reducing the self-employment and income taxes during the process.
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