Filing state and federal tax returns is a stressful and time-consuming endeavor. As a business owner, you have plenty of other things to focus your time and energy on, mainly your business’s growth. However, if you don’t file the proper tax forms or submit the appropriate information, it could result in potential fines, interest, or even audits. To avoid such a massive risk, consider our tax preparation services. At J.R. Martin & Associates in Redding, CA, we can collect the necessary financial data, submit accurate financial information, and ensure that the proper forms are submitted on time. These are just a few examples of how our tax preparation service can assist your small business:
If you run an unincorporated business by yourself, then you can be considered a sole proprietor. In such a case, you may be liable for income tax, self-employment, and estimated tax, all of which require various 1040 forms. Based on your business, we will ensure that the correct 1040 form is correctly filled out and submitted on your behalf based on your business.
If your company has multiple owners, then you must file a Form 1065. Organizations that file this form include LLCs, nonprofit religious organizations, and foreign partnerships that earn income in the United States. Each partner must submit a Schedule K-1 form, which we can also help complete.
If your business is incorporated, you will have to use Form 1120 to file your corporate tax return. Corporate income taxes are not paid by the owners but are paid by the company at the corporate income tax rate instead of the personal tax rate. We can help prepare your Form 1120 using the appropriate forms and schedules.
An S Corporation passes its income, losses, credits, and deductions through to its shareholders. To become an S Corporation, you have to qualify for S Corporation status, which requires that your corporation have only one class of stock, have fewer than 100 shareholders, and have no nonresident aliens as shareholders. S Corporations may be liable for income tax, employment taxes, estimated taxes, and excess taxes, all of which require the completion and submission of Form 1120-S, which we can help with.
An LLC combines aspects of a corporation and a partnership or sole proprietorship. To put it simply, it’s a business structure in which the owner or owners aren’t personally liable for any of your company’s debts or liabilities. Depending on your business structure, you will either have to file a Form 1040, Form 1065, Form 1120, or Form 1120S.
In addition to filing federal tax returns, you will also need to file a California state income tax return. Depending on your business structure, there are a variety of different forms that you must complete as well (Form 568, Form 100, Form 100S, and more). Our tax experts specialize in federal tax code and California tax code, which means that we can assist in preparing and filing your state and federal tax returns.
Different types of businesses must fill out different types of tax return forms. You must submit the appropriate forms for your business on time and in full. Not only can we help ensure that you’re submitting the proper forms, but we can also help you collect the right financial information and calculate the correct figures to ensure that your forms are filled out correctly. With our tax-filing solutions, you’ll have peace of mind knowing that your tax returns are being filed accurately and on time.