Business Tax Return Filing in Simpsonville
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Business Tax Return Filing in Simpsonville
Business tax returns report income, expenses, and other financial information to federal and state tax agencies. Our Simpsonville office prepares and files business tax returns for all entity types.
Who Needs to File Business Returns?
All businesses with income must file tax returns, but the forms and requirements vary by business structure. Sole proprietorships report business income on personal tax returns using Schedule C.
Partnerships file Form 1065 and issue K-1 statements to partners. LLCs may file as sole proprietorships, partnerships, or corporations depending on tax elections made.
Corporations file separate tax returns using Form 1120 for C-Corporations or Form 1120S for S-Corporations. Each entity type has different filing deadlines and requirements.
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Entity-Specific Requirements (LLC, S-Corp, etc.)
LLCs have flexibility in how they’re taxed. Single-member LLCs default to sole proprietorship taxation but can elect corporate taxation. Multi-member LLCs default to partnership taxation.
S-Corporations must file Form 1120S by March 15th and issue K-1s to shareholders. They can have only one class of stock and no more than 100 shareholders.
C-Corporations file Form 1120 by April 15th and may face double taxation on distributed profits. They have more flexibility in ownership structure and employee benefits.
Partnerships file Form 1065 by March 15th and issue K-1s to partners. Partners report their share of partnership income on personal tax returns.
Deductions You Shouldn't Miss
Business deductions reduce taxable income and lower tax liability. Common deductions include office rent, utilities, supplies, equipment, advertising, professional services, and insurance.
Vehicle expenses can be deducted using actual costs or standard mileage rates. Travel expenses for business purposes are deductible including lodging, meals, and transportation.
Employee wages, benefits, and payroll taxes are deductible business expenses. Independent contractor payments reported on Form 1099 are also deductible.
Equipment purchases may be expensed immediately using Section 179 or depreciated over several years. We help you choose the method that provides the best tax benefit.
What Documents to Prepare
Business tax preparation requires income records including sales receipts, invoices, and 1099 forms. Expense documentation includes receipts, canceled checks, and credit card statements.
Bank statements and reconciliations help verify income and expense amounts. Previous year tax returns provide comparison information and carry-forward items.
Asset records including purchase dates, costs, and depreciation schedules are needed for equipment and property. Loan documents may be needed for interest deduction calculations.
Payroll records including W-2s, payroll tax returns, and benefit payments are required for businesses with employees.
Let Us Handle It for You
Our business tax preparation service includes gathering information, preparing returns, reviewing for accuracy, and filing electronically. We handle all forms and schedules required for your entity type.
