If you have been using our monthly bookkeeping service then producing your business tax return is a quick and painless process. Once we have received your December envelope we will contact you with any final questions and produce your year-end report and tax return as soon as possible. We don't believe in leaving anything to the last minute; we think that you should have your final report and draft tax return in a matter of weeks into your new financial year, not just a couple of weeks before they are due.
Preparing these in a timely manner means that you know how much tax you may have to pay well in advance of when it is due. It also means that you can start focusing on the current financial year and not have to think back and answer questions about a transaction that may have happened over a year ago.
Companies can suffer heavy penalties if taxes are filed late with the IRS. Make sure that doesn't happen by using our award winning Purpleforce package!
Business Tax Return
Let Mazuma take care of your tax while you take care of your business.
If you run a partnership, LLC or corporation then you will have to prepare and file a business tax return. These returns must be prepared in addition to your personal tax returns. Each member in a partnership, LLC or S-corporation needs to receive their K-1 in order to prepare their own personal tax return. Getting these done as early as possible keeps all the owners and their other accountants happy.
Signing up for Mazuma's Purpleforce service ensures that your business tax calculations and return are taken care of; meaning you can concentrate on running your business.
Feel free to request a no obligation quote. You have got to see our prices.
Fast Facts on Business Tax...
Filing Dates of Returns
Corporate tax returns (Forms 1120 and 1120S) and final tax payments for the previous calendar year are due on March 15th. Partnership and LLC tax returns (Form 1065), are due one month later, on April 15th. A six month extension can be obtained, allowing the business to file their tax return six months after the due date. However, this does not extend the date that tax payments are due.K-1s are prepared as an allocation of each partner’s, or S-Corp shareholder’s, tax consequences of the company’s tax year. The general rule is to try and get these to the partner’s as soon as possible, so that they can begin preparing their own personal tax return.
Payment Dates of Business Tax
Payment of any remaining taxes owed by a corporation are due on the same date that the tax return is due, March 15th. However, if the corporation is producing taxable income, generally they will be required to make estimated payments throughout the year. Partnerships and LLCs do not pay tax, as they pass all the tax effects and responsibilities through to the individual partners of the company.
Individual Tax Returns
As a business owner, getting your business taxes done is only half the battle. Your personal tax return still has to be done every year and can be a major headache. Let Mazuma help! Signing up for our Purpleforce package will mean that you never have to worry about your personal tax return again. By adding a small amount to your monthly fee, Mazuma can prepare personal tax returns for owners of the businesses we do bookkeeping for.
Fast Facts on Individual Tax...
Individual tax returns (Form 1040) are also due on April 15th, with the same extension rules applying. If you are operating as a sole proprietor, your business activity is usually reported within Form 1040, on Schedule C. The result of your sole proprietorship’s tax effect is reflected on page one of the individual tax return. If you are a member of a partnership, LLC or S-corporation, the K-1 amounts are summarized in Schedule E and are also reflected on page one of the individual tax return.
Estimated tax payments by individuals are made throughout the year. This either happens through employer’s withholding through your paycheck, or by quarterly tax deposits paid directly to the IRS. Final payment is due on April 15th.