Business Tax Headaches? Get Expert Advice That Really Works!


Business Tax Basics for Business Owners

business tax helpFiling personal tax returns is a fairly simple process for most taxpayers. Business tax returns, however, can be quite daunting. There are different forms for the legal structure of your business, forms for employment and unemployment taxes, and a long list of forms and schedules for every little scenario. This page will give you the basics on what forms you should expect to file and what to remember when filing.

The Most Common Business Tax Forms Required

Corporations - Business Tax Forms

  • File W2s and W3s to report money paid to employees and how much tax was withheld.
  • File 1099s to report all rents, commissions, or contractor fees paid.
  • File a 941 to report employment taxes and pay them on a quarterly basis.
  • File a 940 to report FUTA taxes required for employers meeting certain requirements.
  • File an 1120 or 1120-S to report income, gains, losses, deductions, credits, and tax liability.

Partnership - Business Tax Forms

  • File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
  • File a 1040-ES to report partner income with no withholding on a quarterly basis.
  • File a 1040 Schedule A to itemize your business tax deductions.
  • File a 1065 to report income, gains, losses, deductions, credits, and tax liability.

Limited Liability Companies - Business Tax Forms

  • File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
  • File a 1040 Schedule C to report your business's profit or loss.
  • File a 1040 Schedule E to report Supplemental Income and Loss.
  • File 1040 Schedule SE to report self-employment tax.
  • If your LLC has more than one membership, file a 1065. Otherwise file an 1120 or 1120-S.

Sole Proprietorship - Business Tax Forms

  • File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
  • File a 1040 Schedule A to itemize your business tax deductions.
  • File 1040 Schedule SE to report self-employment tax.
  • File 1040-ES to report and estimated tax for yourself on a quarterly basis.

Remember, these are only the most common business tax forms. Be sure to look through every business tax form and schedule the IRS has for the type of business you run. Situations such as the sale of business property or acquiring stock in a foreign corporation need to be reported properly to the IRS, or you will be audited.

Important Business Tax Tips to Remember

When filing business tax returns for a business that sells goods, you need to be very accurate calculating your cost of goods sold. Add together your inventory costs from the beginning of the year, net purchases, cost of labor, materials, supplies, and other related expenses. Then subtract your inventory costs from the end of the year from the total. To calculate the gross income on your business tax return, you must subtract the cost of goods sold, returns, and allowances from your gross receipts. Anything of value given to you for your business needs to be reported as income on your business tax; including canceled debts and bartering. Also, be sure to take advantage of any business tax credits you are eligible for.

Lastly, remember that most business owners truly need to hire a tax professional to handle business tax filings and problems for them. The bigger your business grows, the more complicated your business tax matters become.

If you need help with business tax issues, consult a professional. Call now or fill out the form below for a free tax debt consultation to get help with your business tax headaches! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.


Privacy Seals

Security Seals
*
*      Please Enter your ZIP Code

Certified Seal
Business Seals

Get Help... Call NOW!

Taxes Owed
$358,050.00
$210,207.07
$163,820.13
$88,590.94
$74,589.20
Payment to IRS
$120.00
$0.00
$86.00
$0.00
$100.00

Stop the stress of IRS tax debt.


Call now and sleep well again!

  • Free Case Review Process to Ensure Success!
  • Resolve Your Business and Personal Tax Issues
  • Qualified and Experienced Licensed Tax Professionals
Call Us Now at 
Call Us Now

Llámenos Ahora



Mailing Address: 6271 St. Augustine Rd. • Suite 24-317 • Jacksonville, FL 32217
Copyright © 2017 IRS Tax Settlement. All Rights Reserved.

* "Featured testimonials" describe experiences of clients with our tax resolution partners. Although the "Featured Testimonials" are made by actual customers, it is important to note that a testimonial or endorsement does not constitute a guarantee, warranty, or prediction regarding the outcome of your tax resolution matter. Unless we have noted otherwise, the images used and the names of the customers have been changed to protect their privacy.

The IRS-Tax-Settlement-HQ.com website is used as an advertising and marketing tool to connect taxpayers for tax resolution services.