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.
- A Multiple-Member LLC or Partnership, you'll file the 1065 form (due before 3/15).
- A Corporation, you'll file the 1120 form (due before 4/15).
- An 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 collect your bank and credit card statements to 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.
