Category: Tax for Business

PriorTax keeps you current on the most recent tax for business news from the IRS. There’s no need to decipher confusing IRS lingo because we’ve got you covered when it comes to business taxes. Always check back here for information on new business deductions and credits that you should be claiming for your LLC or Partnership. From claiming deductions to filing your return, we handle your taxes while you handle your business.

If you have questions about your business tax, then leave a comment on our blog posts. Our tax experts will provide you with the answers that you need!

Archive for the ‘Tax for Business’ Category

Quick Guide: Filing Your Late Business Tax Return

Posted by Michelle O'Brien on March 21, 2016
Last modified: December 21, 2016

Mistakes can often be as good a teacher as success.”

As a business owner, you might have already heard this one. Jack Welch, the founder of General Electric, made this statement and although he wasn’t talking about taxes, it applies.

The filing deadline for LLCs is always April 15th. The filing deadline for S-Corps and C-Corps is always March 15th. Sure, missing the filing deadline for your business tax return is a mistake. However, it can be resolved, and with less of a penalty than you may think. You’re constantly learning as a business owner and probably making your fair share of mistakes along the way. Let’s take a look at how you can prevent one of them.

Calculating the Late Filing Penalty

Penalty fees for filing late LLC and S-Corp tax returns are based on how many months you are late to filing and the amount of shareholders or managing members involved. Late filing fees for a C-Corp are based on how many months the return is late. Let’s break it down a bit further. (more…)

5 Things You’ll Need to Report On a Self-Employee or Business Tax Return

Posted by admin on November 11, 2014
Last modified: October 6, 2016

Before Report Self-Employment or Business Income, Know what You’ll Need

If you need to report self-employment income or business income on a tax return, it’s best to organize the papers you’ll need before getting started.

Filing a Schedule C may seem like a daunting task. However, you can avoid complications by keeping your records organized throughout the year .

It’s also good to keep in mind that doing your taxes online will ultimately save you time and money.

Below, you’ll find the information you’ll need to report when completing a business tax return. Keep in mind, if you’re a sole proprietor, do freelance or contract work, you’re considered a self-employee and are required to file a business tax return (SCH C).

What You’ll Need to Report On Business Tax Return (SCH C)

#1: Income

According to the IRS, you’ll need to report ALL income you’ve received.

Make a list of gross receipts or sales from the tax year. If you received 1099 forms from clients or individuals you provided services for, you’ll need to include these amounts.

The IRS requires you to report ALL income so be sure to include payments you received that aren’t reported on a 1099 form

There’s other amounts you may not think of that the IRS considers forms of income. This includes;

  • value of goods or services received through barter transactions

  • bad debts recovered that you wrote off on a prior-year return

  • interest on any business bank accounts

#2: Expenses (more…)