What Tax Form & When Do I File Taxes For My Business?
With the ongoing day-to-day activities of running your business, the last thing that is on our mind is taxes. As business owners, it is important to realize when you should file your taxes for your business because the filing date depends on your entity structure. Do you know your entity structure, the deadline due date, and the form to file for them?
When you file for your taxes as a business owner, it all depends on your entity structure. If you don't know what your entity structure is, you can always refer to the IRS notice CP 575. CPA 575 is an IRS letter that they issue to you that would show you your EIN (Employer Identification Number) and the kind of tax forms you need to file.
There are three different types of companies:
LLC (Limited Liability Company)
Now they are all different as for example as an LLC you could be a single member or multi member. Where Single Member LLCs have to file Schedule C (goes along with your 1040) and Multi Member LLCs have to file 1065. However, it can be mind boggling as we go into greater detail because some LLCs report their taxes as 1120S and certain LLCs can elect to be C-Corp and file 1120.
Watch our video to learn more and if you have any questions or need help, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php.