Jay Freeborne

by Jay Freeborne, Enrolled Agent

Owning a growing business is full of distractions. In the chaos, one common thing that can be neglected is filing your annual tax returns for Federal/State. But it is a legal requirement and often essential to the life blood of your operation.

Why do you have to file your business returns?

* IRS and State require it and will charge late filing penalties (or possibly refer non-filers for Criminal investigation).

* Lenders demand it if you are looking to refinance your current house or buy a new one.

* Keeping an ongoing Profit and Loss Statement is key to knowing if you are profitable or not and will help you make the necessary adjustments to get to profitability.

* You can't file 1040s correctly without your business returns completed.

What forms needs to be filed?

* If you are a Single Member LLC or Sole Proprietor, you'll file your business as a Schedule C on your individual tax return.

* If you are a Multiple Member LLC or Partnership, you'll file the 1065 form (due before 3/15).

* If you are a Corporation, you'll file the 1120 form (due before 4/15).

* If you are a S corporation, you'll file the 1120-S Form (due before 3/15).

What role do tax experts like WATAX play?

* Bookkeeping and quickbooks expertise. If your books are in disarray, we'll take you bank statements and credit card statements and create a cohesive P & L and balance sheet for you. We also offer this service, ongoingly.

* Entity choice. Not sure how to set up your business for tax and liability purposes. LLC? Corp? We have the know-how.

* IRS Research. What is the bare minimum of filing compliance that you need to achieve? Our IRS research gets answers and much more: including getting your necessary transcripts.

* Tax Preparation. 1120s, 1065s, 1040s, we will bring you into compliance the bare minimum necessary with a goal of the least tax liability possible.

* Handling Tax Liability. Can't pay what you owe? WATAX will work out a livable agreement at the minimum and assist with penalty waiver while exploring other tax relief.

For over 30 years, WATAX solves every kind of business tax issue. Email us a description of your tax issue and we'll contact you or call 1-888-282-4697.

Registered members of the National Association of Enrolled Agents.

Call and talk with a tax expert for free:
(888) 282-4697

or email us now