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Business entity tax returns small, medium or large requires the individual taxpayer to identify the net business income. Various forms of business tax returns (1065, 1120, 1120S) sometimes require a K-1 to report the business income or loss. The type of business you operate determines what tax you must pay and the method in which you are required to pay it. Income Tax Self – Employment Tax Employment Taxes Excise Taxes If your business is considered a Partnership, a Form 1065 is due by the 4th month and 15 days or 10th month and 15 days including extemsions. Generally a Partnership is considered a “pass through” entity. If your business is considered a Corporation or C Corp, a Form 1120 is due by the 3rd month and 15 days or 9th month and 15 days including extensions. If your business is considered an S Corporation, a Form 1120S is due by the 3rd month and 15 days or 9th month and 15 days including extensions. Generally a S Corp is considered a “pass through” entity. If you are self-employed, a Schedule C should be filed with your individual Form 1040 tax return filing. An approved business tax return extension, is not an extension of time to pay the assessed tax balance owed, it is an extension of additional “time” to file. Often overlooked are the submissions of “information” returns such as Form 1096, Annual Summary and Transmittal of Information Returns, which have employer filing deadlines as well. Contact 1 – 8 6 6 – 2 2 6 – 6 1 0 2 for the fast track to a life of tax problem free existence or click on: http://dwktaxgroup.com/ to submit a website inquiry. The healing begins when DWK Tax Group obtains a Form 2848 or like form for states. The Client will not need to speak with the Tax Man again.
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