Instead, under Section 1366(a)(1), each shareholder reports their pro rata share of income or loss on their individual income tax return.

FORBES: Tax Court Holds S Corporation Shareholders Liable for $30 Million Tax Deficiency

Federal form 1040-A, U.S. Individual Income Tax Return (downloads as a pdf).

FORBES: A Beginner's Guide To Taxes: Which Tax Form Should I File?

Federal form 1040, U.S. Individual Income Tax Return (downloads as a pdf).

FORBES: A Beginner's Guide To Taxes: Which Tax Form Should I File?

In fact, it hits any other individual with income from Louisiana sources who is required to file a federal individual income tax return.

FORBES: California's Reverse Gold Rush? Tax Exodus

Form to use Use Form 1040X, Amended U.S. Individual Income Tax Return, to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ.

FORBES: Batman Faces Dark Night With IRS If He Takes H&R Block's Tax Advice

If you need more time, you can request an additional four month extension by filing federal form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (downloads as a pdf) by June 15.

FORBES: Tax Tips for the Military on Memorial Day

The New Jersey Gross Income Tax Act does not follow federal law regarding carry-forward and carry-back losses and the loss on the 2008 New Jersey individual income tax return can only be netted against gains or income reported in the category Net gains or income from disposition of property.

FORBES: Madoff Investors Receive New Jersey Tax Refunds

For many, including Mitt Romney and Paul Ryan, a small business includes any business that does not pay its own federal income tax, but rather has its income or loss reported directly on the tax return of its individual owner or owners.

FORBES: President Obama's Tax Proposal And The Fate Of The Small Business Owner

The GOP Jobs Plan also includes reducing the top personal, individual income tax rate to 25% as well, in return for closing loopholes.

FORBES: The GOP Jobs Plan Vs. Obama's