Managing a small business requires more than just passion and hard work. It demands clear insight into your financial health. One of the most effective tools to gain this insight is through business financial reporting. These reports provide a snapshot of your company’s financial status, helping you make informed decisions. I will explain why monthly financial reports are essential and how they can drive your business toward success. Understanding Business Financial Reporting for Small...

By: Sonia Lee Ng, CPA Date: September 15, 2025 What is Form 1120 U.S. Corporation Income Tax Return? Form 1120 U.S. Corporation Income Tax Return is the federal corporate tax return filed by C Corporations, including certain LLCs taxed as corporations. This form reports corporate income, deductions, credits, and tax liability. Form 1120 U.S. Corporation Income Tax Return Deadlines Original Due Date: April 15 for calendar year corporations. Due Date with Extension: October 15. Extension: File...

What is Form 1065 Return of Partnership Income? Form 1065, U.S. Return of Partnership Income, is an informational return that partnerships file to report their income, gains, losses, deductions, credits, and other tax-related items. Partnerships generally do not pay federal income tax directly. Instead, these items are "passed through" to partners, who report their share on their personal tax returns. Filing Form 1065 accurately is important because errors may affect each partner's individual...