Serving all Corporations and S Corporations
It is widely agreed that corporate tax preparation is exhausting and time consuming. Business owners must file a corporate tax return if they are a corporation or a Limited Liability Company (LLC) electing to be taxed as a Corporation or S Corporation. The US government requires that each Corporation file its corporate tax return (1120 or 1120S) and failure to do so will result in late filing penalties and possible legal repercussions. Our firm will help the business owner understand their rights and protection inside each entity and help you decide if you are in the right Corporation for the future.
The corporate tax preparation process involves annual preparation of corporate books and records from the clients. Annual books will help assure the business owner that all business deductions are recorded, monthly and quarterly tax liabilities are paid, and most importantly, provides them with insight for budgeting in the future. Understanding your responsibility to report all Sales and expenses, including employee wages, employer taxes, and independent contractor payments can be overwhelming. A tax professional who is well-versed in corporations can help your business save time and money so you can concentrate on what’s important.
Valuable Information that is Required for Corporation Tax Preparation
Before filing your corporation tax return, you need to be aware of the following prerequisites:
1) A copy of the most recent corporation tax already filed from the city and state of your business location.
2) The filing receipt that is issued to you by the state from which your business was established.
3) Both the corporation’s State Identification Number and Federal Employer Identification Number as issued by the IRS.
4) A copy of your State Sales Tax Certificate.
Thanks to technology, the corporation tax preparation process has been simplified with the introduction of dedicated programs. There is software to guide business owners through their tax returns. However, using such software is not robust and will not fully satisfy your business needs over time; as a result, corporate tax preparation software has to be redesigned and upgraded every few years. If you want some peace of mind with regard to corporate tax preparation, then your best option is to contact a team of professionals who are more knowledgeable in these areas and can give you options or advice tailored to your business, concerns, and goals.
Common Corporation Tax Return Forms
These are some of the forms that you will have to fill out when preparing for your business corporation’s tax returns:
- Schedule C – Reports Income and Expenses for Sole Proprietors.
- Form 1065 – Reports Income and Expenses for Partnerships and Limited Liability Company
- Form 1120 & 1120S – Reports Income and Expenses for Corporations and S Corporations, respectivtly.
- W-2 and 1099 Forms – Reports earned income for those who are hired as employees or independent contractors.
However, you may also need to file a personal tax return in addition to a corporate one.
Regardless if you’re new to corporate tax preparation or well experienced witht he process, Class Advisors can offer valuable insights and quick turnarounds. You can trust us to offer you viable solutions regarding your business corporation’s tax predicaments. We possess expertise in whatever we do and offer high-quality services to companies across the US so you can just sit back and relax.