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Step One:  Determine your entity type, the tax form your business needs to file, and the filing deadline

  • Sole Proprietors file form Schedule C.  Form Schedule C is filed with your personal tax return, and the deadline is 4/15

  • Single Member LLCs file form Schedule C by default.  Form Schedule C is filed with your personal tax return, and the deadline is 4/15

  • Single Member LLCs can make a timely election to file taxes as an S Corporation or C Corporation. Please see below.

  • Multi-Member LLCs are treated as a partnership by default and file form 1065. The 1065 is a separate filing from your personal return and must be filed before any member can file their personal returns.  The deadline is 3/15

  • Partnerships with two or more partners file form 1065. Form 1065 is a separate filing from your personal return and must be filed before any of the partners can file their personal returns.  The deadline is 3/15

  • S Corporations file form 1120S.  Form 1120S is a separate filing from your personal return and must be filed before any of the shareholders can file their personal returns.  The deadline is 3/15

  • C Corporations file form 1120.  Form 1120 is a separate filing from your personal return. The deadline is 4/15

Step Two:  Conduct final review books and records for the year, and produce year-end reports

  • All business entities must produce a Profit & Loss report (aka Income & Expense report) for their tax filing.  

  • All businesses claiming automobile expenses using the standard mileage deduction must keep a written or digital log of the miles driven. 

  • Partnerships, Multi-Member LLCs, S Corporations, and C Corporations must produce an accurate balance sheet for their tax filing.

  • Partnerships, Multi-Member LLCs, S Corporations, and C Corporations must produce an accurate report of distributions, dividends, and guaranteed payments paid to members, partners and/or shareholders.

  • All business entities must produce an accurate report of estimated tax payments made for the tax year.

Step Three:  Review your business tax return for accuracy, sign your return, and pay any balances due

  • Payments can be made electronically or by sending a check or money order to the appropriate taxing agency.

  • Penalties and interest will be applied to all taxes not paid on time.

  • If you cannot pay your balance in full, an installment plan is a good way to stay compliant and pay over time.

Step Four:  Distrubute forms K-1, 1099-DIV, and other forms to the members, partners, and/or shareholders

  • Partnerships and S Corporations are flow through entities.  All profits flow through to their members, partners and shareholders, and are reported on form K-1.

  • C Corporations pay out dividends to it's shareholders, and they are reported on form 1099-DIV.

  • Individuals should not file their personal returns until all forms K-1 and 1099-DIV have been distributed.

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

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