We will accommodate all your business tax needs. Is your business a Partnership, S Corporation, C Corporation or Limited Liability Company (LLC)?
Corporate & Partnership Taxation
There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps.
A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. This structure is the default classification you must file with the IRS after you file as a corporation with your state or after registering your EIN as a corporation with the IRS. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.
An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. This is not a default classification – rather, you must apply for it and be approved by the IRS. The appeal of this classification is that it allows for decreased self-employment taxes on your individual return. These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing this return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states. This default classification arises if you apply for an EIN number for a business entity that has more than one owner. This default classification also arises if you have registered an LLC with your state and that LLC has more than one owner, equity partner, or member.
If you are the only owner, member, or equity partner of your LLC, then you would be filing your LLC business numbers on from 1040, Schedule C. This is a component of your individual tax return and is not necessarily a separate return at the federal level, although it does involve separate schedules. On the state side, you may or may not have an annual reporting requirement or separate form to submit, depending on your state. We are happy to assist with LLCs registered in any of the 50 states.
LLC taxed as Partnership
If your LLC has more than one owner, partner, or member, you would be filing as a Partnership on Federal Form 1065 and any applicable state forms. We support returns in all 50 states. The state may also have an additional LLC reporting requirement. The 1065 return is a separate return altogether that will generate K-1s, which must then be input into each owner’s individual return. We will be happy to assist with both your partnership and individual returns, if necessary. There are also very specific tax strategies to keep in mind.
LLC taxed as an S-Corp
The S-Corp classification must be applied for with the IRS. The purpose of converting to an S-Corp is to take advantage of decreased self-employment taxes. This is the primary reason why persons choose the S-Corp structure. In order to take advantage of this tax strategy, an S-Corp election must be filed and approved by the IRS based on specific terms. Please contact us if you need assistance with this.
Quarterly Estimated Tax Deadlines
July 15 - First payment
July 15 - Second payment
September 16 - Third payment
January 15, 2021 - Fourth payment
* You don’t have to make the payment due January 15, 2021, if you file your 2020 tax return by February 1, 2021, and pay the entire balance due with your return.
July 15 - Tax deadline for Partnerships & S Corporations
July 15 - Tax deadline for C Corporations, sole proprietors, and individuals
September 16 - Tax deadline for exempt organizations
September 16, 2020 - Extension deadline for Partnerships & S Corporations
October 15, 2020 - Extension deadline for C Corporations, sole proprietors, and individuals
August 15, 2020 - Extension deadline for exempt organizations
We efile your return directly with IRS. If you like to mail the return- Your returns are automatically uploaded to your account on the website along with an email notification when it’s ready to download. All addresses and mailing instructions are provided below the download.