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Filing Deadlines
Corporations & Partnerships: March 15, 2025
All others: April 15, 2025
If you need help preparing for the tax season, call us! We can help you complete your bookkeeping, prepare a profit & loss statement and balance sheet, file informational returns, and provide advice.
Review business and personal accounts and cash transactions to ensure that all income, expenses, and inventory are recorded in your company's books. Verify your mileage log to claim car expenses.
Remove non-deductible expenses such as non-payroll owner payments and non-business meals. Create a separate P&L for each state where the business operated.
Companies other than single-member LLCs who earn more than $250,000 in gross sales must include a balance sheet on their tax return.
Prepare and file W2s for all employees and 1099s for any person or organization who you paid more than $600 for services. Not sure how? We can do that for you!
You can drop off your documents at one of our offices or send them to us electronically. We will need your company registration, owner IDs, profit & loss statement, balance sheet, and tax forms. If you own a single member LLC, you will need to fill out our new customer intake form that you can do online or in person.
Our team will work diligently at preparing your tax return. Most likely, they'll have some follow up questions and may need additional documents. The faster we receive a response, the sooner we'll complete your tax return.
Once done, we'll set up a meeting to explain your tax return and give you future recommendations. Then sign, pay, and you're done!
A company that is incorporated (i.e. the name ends with a "Corp.", "Ltd.", or "Inc."), must file Form 1120 to report its income, expenses, balance sheet, distributions, and disclosures.
Profits earned by these companies are taxable to the corporation. The current corporate tax rate for ordinary income is 21%. Any profits distributed by the corporation are then again taxed at the individual rate on the owner's tax return.
These can be regular corporations, partnerships, sole proprietorships, or LLCs that applied and were approved for "S Corp" status.
Profits earned by S Corporations pass through to the owners subject to the individual's income tax only. Because profits are considered unearned income, owners that are actively involved in the business MUST be paid through payroll for their services and have social security and medicare tax withheld from their paychecks.
Partnerships must file a 1065 Partnership tax return before the owners can file their own personal taxes. All profits from the company pass through to the owners based on their respective interest in the company. The partnership itself does not pay income tax.
These profits are then taxed on the individual owner's tax return at a minimum tax rate of 25% (that is 15% self-employment tax plus the minimum 10% income tax). The tax rate may be higher depending on the owner's other sources of income.
The partnership tax return provides each owner with a tax statement about their share of the profits and guaranteed partnership payments, so the company should not issue owners 1099NECs or other tax forms.
LLCs with one owner report their income and expenses on Schedule C of the owner's personal tax return. Payments to the owner are not tax deductible unless the company runs proper payroll, withholds tax, and reports the wages to the owner on a W2.
All profits earned, regardless of distribution, are subject to income tax plus a 15% self employment tax for medicare and social security. Thus, the minimum tax rate for business income is 25% percent.
LLCs with multiple owners must file a 1065 Partnership tax return before the owners can file their own personal taxes. All profits from the company pass through to the owners subject to income and self-employment tax, for a minimum tax rate of 25%. The company itself does not pay income tax.
The partnership tax return provides each owner with a tax statement about their share of the profits and guaranteed partnership payments, so the company should not issue owners 1099NECs or other tax forms.
