What is k-1? And different between S corp and C corp

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Accepted Answer

K-1 is a tax form used to report income, deductions, and credits from partnerships, S corporations, estates, and trusts.

K-1 is used to report each partner's share of income, deductions, and credits from a partnership.
S corporations and C corporations are different in terms of taxation, with S corporations passing income, deductions, and credits through to shareholders via K-1 forms, while C corporations are taxed at the corporate level.
S corporations are pass-through entities, meaning income is only taxed at the shareholder level, while C corporations are taxed at both the corporate and shareholder levels.

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