Tax & Business Resources

S-Corporations file Form 1120-S annually. This is an information return that reports the company’s income, deductions, and credits. The S-Corp itself doesn’t pay income tax – instead, income passes through to shareholders via Schedule K-1, which shareholders report on their personal returns.

Partnership returns (Form 1065) are due March 15th for calendar-year partnerships. For 2026, the deadline is March 16, 2026 (the 15th falls on a Sunday). Extensions extend the deadline to September 15, 2026. Partnerships must provide K-1s to partners by the filing deadline.

Self-employment tax is 15.3% of net self-employment income (12.4% Social Security + 2.9% Medicare). You pay SE tax on 92.35% of net earnings. For 2026, the Social Security portion applies to the first $184,500 of combined wages and self-employment income. Use our self-employment tax calculator for a quick estimate.

The Section 179 deduction limit for 2026 is $2,560,000. This allows businesses to deduct the full purchase price of qualifying equipment and software in the year of purchase, rather than depreciating over time. The phase-out threshold begins at $4,090,000 in total equipment purchases.

For 2026, the QBI (Section 199A) deduction phase-out begins at $197,300 for single filers and $394,600 for married filing jointly. Below these thresholds, most pass-through business owners can deduct up to 20% of qualified business income. Above these thresholds, specified service businesses face limitations.