If your business is classified as a C-Corp or S-Corp, you'll need to file Form 1120 (U.S. Corporation Income Tax Return) or Form 1120-S (U.S. Income Tax Return for an S Corporation), respectively. These forms help the IRS understand your business's income, gains, losses, deductions, and credits.
When you categorize transactions made by your business in Found, we automatically populate your Form 1120 or Form 1120-S with expenses for each deductible category. Each business expense lowers your profit, so it’s important to stay on top of your books to ensure that your business is paying an appropriate amount in taxes.
You can find more information on how Found’s transaction categories map to your tax forms here. If you work with an accountant, Found also makes it easy to share access to your account, including access to your tax forms.
