Tax filing season is now in full swing across the nation for both individuals, couples, and businesses alike. If you are a veteran owner of a small business, then filing taxes during this period and knowing exactly what you need may have become second nature over the course of your ownership but others may be experiencing all of this for the first time. Whether you are an experienced owner or a rookie just starting out, knowing which forms you will need in order to file your income taxes is extremely critical. An unfortunate mistake could literally be costly to your company, while knowing everything has been correctly identified and filled out helps to relieve a lot of stress during these first few months of the year.
Understanding the required forms and knowing which ones are applicable to your specific business type is beneficial to every owner, regardless of their time serving in the position. For federal income taxes, all types of ownership should understand paying as your business earns income is the operational method but a full report, including potential deductions from business purchases and depreciation expenses must be filed annually with the Internal Revenue Service (IRS).
Following are the forms required to file federal income taxes dependent upon your specific business type.
For those who own or are responsible for an unincorporated business as individuals there are three potential forms for filing purposes. The 1040 Form
is required and paired with a Schedule C
or Schedule C-EZ
in order to complete your return.
While organizations that fall into this category do not necessarily file a direct and formal tax return, an informational report to acknowledge the income earned throughout the past year is required using Form 1065.
There are two differing types of corporations (S-corp, C-corp) and both have different tax filing responsibilities. While an S-corp has shareholders whose business income and losses are referenced on their personal tax returns, C-corp filings are completely separate entities all together. Form 1120S
and 1120S Sch. K-1
are used for S-corp filings and Form 1120
for those needing to file a C-corp return.
The tax experts at Bloch Rothman and Associates
are ready and willing to assist with all of your questions and filing needs. Serving Denver and the surrounding area for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues, including dealings with the Internal Revenue Service. For anyone who has been selected for an audit, it is recommended to seek the services of a professional tax organization to assist in the audit, prior to meeting with any IRS representatives. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs and filings there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!