Every business – no matter how small or what type – should consider having their taxes prepared by a professional. Tax laws are constantly changing, and experts in the field can help you avoid extra expense while ensuring all your paperwork is correct.
There are three main types of business entities that require federal tax filings —Partnerships, C-Corps and S-Corps. Below is a discussion of each.
If you are the only owner, member, or equity partner of your LLC, then you would be filing your LLC business numbers on from 1040, Schedule C. This is a component of your individual tax return and is not necessarily a separate return at the federal level, although it does involve separate schedules. On the state side, you may or may not have an annual reporting requirement or separate form to submit, depending on your state. We are happy to assist with LLCs registered in any of the 50 states.
Estimated tax payments are payments for taxes on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, dividends and other sources. Many business owners and individuals who receive K-1s for their interests in companies must make estimated tax payments on this type of income.
Collecting, reporting and filing sales tax is fairly easy if you have a business with a brick and mortar store in only one location and no online sales. But for businesses that sell in more than one state or via the internet, paying taxes to different states at different rates can be much more complicated.
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