Business Taxes

How Does My Business Become An S Corporation?

How Does My Business Become An S Corporation? A corporation, or other business entity eligible to elect be treated as a corporation must use Form 2553, Election by a Small Business Corporation to make an S corporation election. A business entity treated as a corporation must meet certain tests to qualify to be an S... [Read More]

For Business Travel, Are There Limits On The Amounts Deductible For Meals?

For Business Travel, Are There Limits On The Amounts Deductible For Meals? Generally, reimbursed meal expenses are deductible if your business trip is overnight or long enough that you need to stop for substantial sleep or rest to properly perform your duties.

Need An Employer Identification Number (EIN)?

Sole Proprietorship & EIN Does A Small Company That Operates As A Sole Proprietorship Need An Employer Identification Number (EIN)? A sole proprietor without employees and who doesn’t file any excise or pension plan tax returns doesn’t need an EIN (but can get one).

Do I Have to File Taxes If My Business Made No Money?

All corporations and partnerships are required to file a tax return, even if they do not have any income. If an LLC has elected to be treated as a corporation or partnership for tax purposes, it must file a federal income tax return even if the LLC did not engage in any business during the... [Read More]

What’s the Difference Between a Form W-2 and a Form 1099-MISC or Form 1099-NEC?

What’s the Difference Between a Form W-2 and a Form 1099-MISC or Form 1099-NEC? Employers who withhold payroll taxes issue Form W-2 to employees. Payers use Form 1099-NEC, Nonemployee Compensation for people or companies who provide services. Compensation to: Report payments made of at least $600 in the course of a trade or business to... [Read More]

How Do Taxes Work When You Have Your Own Business as Self Employed?

How Do Taxes Work When You Have Your Own Business as Self Employed? Your company profits are added to other income (interest, dividends, etc.) on your personal tax return. Qualified Sole Proprietors are able to take advantage of the 20% tax deduction, which allows them to deduct 20% of the business’s net income from their... [Read More]

When is my Sole Proprietor Tax Return Due?

When is my Sole Proprietor Tax Return Due? Sole Proprietor tax returns are filed with the owners personal tax return on Schedule C Small Business Tax Return. These returns are due April 15th of each year.

When is my S-Corporation Tax Return Due?

When is my S-Corporation Tax Return Due? S-Corporation returns are due March 15th each year. An automatic 6 month extension is available.

When is my Partnership Tax Return due?

When is my Partnership Tax Return due? Partnership tax returns are due March 15th each year. An automatic 6 month extension is available.

When is my LLC Tax Return Due?

When is my LLC Tax Return Due? The due date of an LLC tax return depends on how the owner elected to be taxed. An LLC can be taxed as a Sole Proprietorship, S-Corporation, C-Corporation or Partnership.