File Federal Income Taxes for Small Businesses
Tax laws are anything but static. This constant change, creates risk for compliance, at the same time, it also offers opportunities to develop new tax strategies to minimize taxes in now and in future.
Our goal is to keep you compliant with constantly changing tax laws so that you do not end up paying interest and penalties. At the same time, we look to come up with legit tax strategies to lower your taxes now and in future.
Filing Returns, Taking Business Tax Deductions, Forms
Before you begin working on your business taxes, review the business tax changes, effective for the 2018 tax year and beyond, in the 2017 Tax Cuts and Jobs Act:
- A new 20 percent deduction on net business income, in addition to expense deductions,
- Removal of some deductions, including entertainment expenses
- Higher depreciation allowances, and
- A newFamily Leave Act Tax Credit available to small businesses that offer family leave benefits to employees.
2018 Tax Return Due Dates for Business Types
- Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner’s personal tax return): April 15, 2019.
- Partnership returns on Form 1065 with Schedule K-1 for each partner: March 15, 2019.
- Multiple-member LLC returns on Form 1065 with Schedule K-1 for each member: March 15, 2019.
- Corporation and S corporation returns on Form 1120 S with Schedule K-1 for each member: March 15, 2019.
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