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7 Days of TaxMas! Day 4
7 Days of TaxMas Tax Tips!
Day 4: How Should You File Your Business Taxes??Welcome to Day 4 of our 7 Days of TaxMas Tax Tips! Today our topic of discussion is all about understanding How and When to file your Business Taxes. Knowing how and when to file your business tax return will save you from hefty penalty's for late filing or for filing your business tax return incorrectly.
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Types of Business Entity's/Structures:
Sole Proprietorship, LLC, Partnership, Corporation
Types of Tax Classifications:
Sole Proprietorship, Partnership, Corporation, S Corp, Nonprofit
How to File....
Sole Proprietorship (Freelancer, LLC, Independent Contractor):
File all business income, expenses, and activity on a Schedule C. Your schedule C is filed with your personal return and is due by April 18th.
Partnership (businesses with multiple members excl. Corporations):
File all business income, expenses, and activity on Form 1065, separate from personal tax return. That 1065 will create a K-1 form for each partner that you will file on your personal tax return. Form 1065 is due by March 15th.
Corporations:
File all business income, expenses, and activity on Form 1120, separate from your personal tax return. The Corporation will issue each employee and/or shareholder a W-2, 1099 NEC, or 1099 DIV based on their status with the company. These form are filed on each individuals personal return as normal. Form 1120 is due to be filed by April 18th.
Business taxed as an S Corp:
File all business income, expenses, and activity on Form 1120S separate from your personal return. The Form 1120S will create a K-1 for each shareholder to file on their personal tax returns. The S Corp may also issue each employee or shareholder a W-2 or 1099 to file on their personal tax return as normal. Form 1120S is due on March 15th.
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Navigating the complexities of the tax world can be overwhelming. At Mastermind Tax and Financial Services, our team of tax specialists is here to help. We can guide you through these complexities, identify all tax responsibilities, and ensure you and your taxes are fully taken care of with our Done For You Solutions.
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