941 & Business Taxes

Own a Business? Haven't Filed Taxes?

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.

Posted on December 16, 2021
For over 30 years, WATAX solves every kind of tax problem, from unfiled returns to negotiating balances due. Call us at 1-888-282-4697 or email us a description of your tax issue and we’ll contact you.
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