Who Does Business Taxes and What You Need to Know

Business taxes can be a complex and overwhelming task, but understanding who does them and what's involved can make a big difference.

The IRS requires businesses to file taxes, and individuals who own or operate a business are responsible for filing tax returns.

As a business owner, it's essential to know that you're required to file taxes annually, typically by the 15th day of the 4th month after the end of your tax year.

The IRS offers various forms and schedules for businesses to report income and expenses, including Form 1120 for corporations and Form 1040 for sole proprietors.

Business taxes can be a complex and time-consuming process, but it's essential to get it right to avoid penalties and fines. Our tax preparation specialists can help you navigate the guidelines governing payroll taxes, which are especially complicated for small business owners with employees.

If your business has employees, you'll need to determine the best time to file and register your payroll taxes. This can be a challenge, but our team is here to guide you through the process.

Payroll taxes are just one aspect of business taxes, and sales tax commitments can add an extra layer of complexity. Businesses with an internet sales component may need to charge and report sales taxes for individual states, which can be a daunting task.

Fortunately, our team can help you through the process of voluntary disclosure, which allows businesses to file partial back taxes and receive full compliance. This can be a crucial benefit for businesses that have not filed taxes in a certain state.

Business tax planning and preparation require a deep understanding of tax law and its application to different industries. Our team can help you craft a tax plan to take advantage of deductions to which you are entitled and plan for the appropriate time to take certain courses of action.

Here are some of the business entities we service:

Each of these entities has its own unique tax requirements, and our team can help you determine your tax liability in multiple states. By working with us, you can ensure that your business is in compliance with all tax laws and regulations.

Gather all necessary financial documents, including receipts, invoices, and bank statements, to ensure accuracy and completeness.

Businesses with employees must also keep records of wages, tips, and other compensation paid to employees.

Having a clear understanding of business expenses, such as rent, utilities, and equipment purchases, will help you accurately calculate your tax liability.

The IRS requires businesses to file taxes by April 15th every year, so be sure to leave enough time for preparation and submission.

It's also a good idea to consult with a tax professional or accountant to ensure you're meeting all tax requirements and taking advantage of available deductions.

Fill out your form, and you'll be one step closer to completing your business taxes. You'll need to fill out Schedule C, Form 1120, or 1120-S, depending on your business type.

Schedule C is a simple form, just two pages long, making it easy to navigate. You can find a copy of Schedule C on the IRS website or use TurboTax to generate the form for you after inputting your financial information.

To calculate your net profit or loss, simply subtract your expenses from your business earnings. This will give you the amount to transfer to your personal income tax form.

As a business owner, you want to make sure you're taking advantage of all the tax savings available to you.

TurboTax Live Assisted Business is a great option for partnerships, S-corps, LLCs, and sole proprietorships.

You'll get unlimited tax advice from live experts as you do your taxes. This means you can ask questions and get help whenever you need it.

A final review before you file is also included, giving you peace of mind that your taxes are done right.

As a small business owner, you're likely no stranger to the complexities of business taxes. Our team of experts can help you navigate the process and ensure you're taking advantage of all the tax savings available to you. If you have an S-corp election, we can help you minimize your tax bill by guiding you through the process.

We understand that every business is unique, and that's why we offer customized tax planning and preparation services for a variety of business entities. This includes sole proprietors, limited liability companies, partnerships, C corporations, and S corporations.

Our team can also help you determine the best time to file and register your payroll taxes, a crucial step for any business with employees. This includes navigating the complexities of internet sales tax, which can be a challenge for businesses that sell goods online.

If you're a new business owner, you may be wondering what forms you need to file. Our team can guide you through the process of filing as a general partnership, limited partnership, or domestic LLC (Form 1065). We can also help you with sole proprietorships, including single-member LLCs.

We service many different types of business entities, including:

Our experts can also help you determine your tax liability in multiple states, a crucial consideration for businesses that operate in more than one state. By working with us, you can ensure you're in compliance with all tax laws and regulations.

Small business owners can use accounting software like QuickBooks or Xero to manage their finances and file business taxes.

Using a cloud-based accounting system allows for easy collaboration and access to financial information.

Businesses with multiple owners or employees may prefer a more robust accounting system like QuickBooks Enterprise.

Cloud-based systems are often more cost-effective and scalable than traditional on-premise accounting software.

A good accounting system should be able to produce accurate and detailed financial statements, including balance sheets and income statements.

Business owners can also use tax preparation software like TurboTax or H&R Block to help with tax filing.

Tax preparation software can guide users through the tax filing process and help identify potential deductions and credits.

Businesses with complex tax situations may need to hire a tax professional or accountant to ensure accurate and compliant tax filing.

Finding a good tax professional can make a huge difference in your business's bottom line. A strong reputation and 5-star reviews are a good starting point, as seen with Klinger and Associates' 5.0 average rating on Google reviews.

You'll also want to look for a tax professional with a highly qualified staff, like Klingler, which has over 100 years of combined experience. This expertise can help you navigate complex tax laws and identify potential savings.

To ensure you're getting the best possible service, verify whether the preparer belongs to a recognized professional organization, which has developed a code of professional conduct. This will give you peace of mind knowing they're committed to upholding industry standards.

Here are some types of business entities that require professional tax help:

Finding the right form can be a daunting task, but it's a crucial step in reporting your business earnings to the IRS.

You'll need to determine if you're a sole proprietorship, which allows you to report all business income and expenses on a Schedule C attachment to your personal income tax return.

For sole proprietors and independent contractors, using TurboTax Home & Business makes the process much simpler, as you'll just need to answer questions about your business income and expenses.

If you run your business as a corporation or elect to treat your LLC as one, you'll need to prepare a separate corporate tax return using Form 1120 for C-Corporations or Form 1120S for S-Corporations.

Multi-member LLCs are considered partnerships and typically file Form 1065.

As a small business owner, you know how overwhelming tax preparation can be, especially when it comes to payroll taxes and sales tax. Many businesses rely on tax preparation specialists to ensure they report sales tax commitments accurately, and our team can guide you through the process.

If your business has employees, you're likely familiar with the importance of having a tax accountant prepare your payroll taxes. The guidelines governing payroll taxes are complicated, so our tax preparation specialists can work with you to determine the best time to file and register your payroll taxes.

Our tax experts can help you minimize your tax bill if you need to file as a general partnership, limited partnership, or domestic LLC. This includes single-member LLCs, whether you're a new or established business.

TurboTax Full Service Business is perfect for partnerships, S-corps, LLCs, and sole proprietorships. It includes unlimited expert advice from live experts as you do your taxes and a final review before you file.

Finding a good professional can make all the difference in achieving your goals. A strong reputation and 5-star reviews are a good starting point, as seen with Klinger and Associates' 5.0 average rating on Google reviews with dozens of 5-star reviews.

You want to look for a professional with a highly qualified staff and years of relevant experience. At Klinger, we've been in business since 1976 and have over 100 years of combined experience.

A good professional should also have a strong background in their field and knowledge of relevant laws and regulations. Verify whether the professional belongs to a recognized professional organization, which has developed a code of professional conduct.

Continuing education is also essential to ensure the professional is up-to-date on the latest developments in their field. At Klinger, we send our tax professionals to continuing education classes to stay current on tax laws.

By doing your research and finding a good professional, you can achieve your goals and save time and money in the long run.

Business Preparation is a crucial step in ensuring your business is compliant with tax laws and regulations. You can get matched with an expert who prepares and files your taxes for you, guaranteed.

They will find every deduction you deserve and maximize your tax savings. This is perfect for partnerships, S-corps, LLCs, and sole proprietorships.

Business tax preparation is a specialized service that understands how tax laws apply to businesses in different industries. We'll determine what kinds of tax breaks you qualify for and which deductions can be taken for your type of business.

For business tax planning and preparation, you can work with an expert who will help you craft a tax plan to take advantage of deductions to which you are entitled. They can also assist you in planning for the appropriate time to take certain courses of action, such as buying new equipment.

You can work with an expert who services many different types of business entities, including:

This kind of planning can also help you determine your tax liability in multiple states.