A small business distinguishes between items purchased for the short term and long-term expenditures, both in accounting and in taxes. Capital expenditures are business improvements, upgrades or expansions. A capitalized expenditure is primarily a tax term, reflecting depreciation for loss of value over a period of years.
Use Form 1040-ES â You can calculate your quarterly estimated tax payment using Form 1040-ES (the same form used to pay estimated taxes), which includes a worksheet that helps you estimate how much you owe for the current year. Corporations should use Form 1120-W to calculate estimated taxes. Refer to Last Yearâs Return â If you have been in business for a while, you can refer to your previous year's federal tax return.
IRS tax forms - Entity returns. 1  Form 1065, U.S. Return of Partnership Income, is used by partnerships for tax returns. 2  Form 1041, U.S. Income Tax Return for Estates and Trusts, is used by estates and trusts for tax returns. 3  Form 1120, U.S. Corporation Income Tax Return, is used by C corporations for tax returns.