Small business owners have an endless to-do list, and one task that keeps cropping up is staying on top of your business taxes. Whether it’s calculating how much you and your business owe, gathering financial information, filling out all the correct forms or filing with the IRS and your state, it’s a lot to keep track of.
We understand this places a big burden on small business owners, which is why we’re delighted to help. Incfile's Business Accounting Service provides a complete, competitively priced option for managing and filing federal, self-employment and state taxes. All of your returns will be prepared and completed by a professional business tax accountant and sent to the IRS and your state’s department of revenue.
Let’s cover how our tax services can help you.
Ongoing Professional Bookkeeping and Transactions
Incfile's tax service provides you with much more than just preparing your returns. Our professional bookkeepers will review all of your business transactions and categorize them so you can take advantage of all allowable deductions. We assign a bookkeeper to every account and you can contact them at any time to discuss transactions and get advice. That means you get accounting support throughout the year, not just at tax time.
LLC Business Tax Preparation and Returns
If you’re an LLC and you haven’t chosen to pay taxes as an S Corporation, then you will record, file and pay taxes on your individual 1040 tax return. Business earnings are typically shown on “Schedule C” of the individual return. You will also need to report and file Schedule SE for your self-employment tax, and possibly other schedules as well.
If your LLC has two or more owners, then it’s likely you will also need to file a 1065 Partnership tax return. Our business tax accountants can help you pull together all the financial information you need to prepare the 1065, 1040 and any other business or personal tax returns you need to file with the IRS and your state.
S Corporation Business Tax Preparation and Returns
If you’re an S Corporation or an LLC that’s filed a Form 2553 to be treated as an S Corporation for tax purposes, there are some additional requirements for your business taxes. An S Corporation can save you money, but it does make your taxes a little more complex. Our accountants can help you prepare and file a Form 1120S, which is an S Corporation tax return. They will file this with the IRS on your behalf and can also file the relevant form with your state.
C Corporation Business Tax Preparation and Returns
LLCs and S Corporations are “pass-through” entities for tax purposes, so you file and pay taxes on your 1040. That’s not the case for corporation tax charged to a C Corporation. A C Corporation will file a Form 1120 and pay corporation tax accordingly. Earnings and dividends from the C Corporation are then reported on your 1040 and you’ll be liable for personal income tax on that amount. Our business tax accountants will help you gather the relevant information and prepare and file the necessary forms on your behalf.
Individual Tax Preparation and Returns
In addition to preparing and filing your business tax returns, we can also help out with your individual tax return. We can record your business income and also take account of any other earnings and expenses to ensure you’re filing accurately.
State Tax Preparation and Returns
Most states will require you to pay state income tax to their departments of revenue. We’ll prepare the relevant state returns as standard and file them when we file your federal returns.
The Types of Taxes Our Accountants Can Help With
Every business tax situation is unique, but our experienced accountants and bookkeepers will use their expertise to ensure you’re reporting, filing and paying the following taxes properly:
Employer self-employment or payroll tax
Employee self-employment or payroll tax
Federal income tax
State income tax
Our accountants can help you save on your taxes by advising you on the expenses and deductions you can take, and let you know about relevant tax credits that can lower your tax burden. Let Incfile ease the burden of tax time by taking care of your business taxes!
Paul is a freelance writer, small business owner, and British expat exploring the U.S. When he’s not politely apologizing, he enjoys hats, hockey, Earl Grey Tea, mountains, and dogs.