Business Tax Planning & Preparation
Business Tax Planning & Preparation
Important Tax Due Dates for Business Tax Returns
Important Tax Due Dates for Business Tax Returns
Business Tax Planning:
Working alongside our experienced accountants here at IBUS, Inc. for your tax planning needs, we help so you can remain compliant, reduce stress, save time, and enhance financial efficiency – not just during tax season but also well into the future.
IBUS, Inc. provides comprehensive tax preparation and planning services to a wide range of clients. We help identify deductions, credits, and develop sustainable financial strategies. Our dedicated team is devoted to helping you reach your financial goals by acting as a trustworthy partner and advisor, providing personalized guidance to meet your unique financial needs.
Business Tax Preparation:
At IBUS, Inc., our team of tax professionals assists clients in accurately filing their taxes while maximizing deductions within legal boundaries. We acknowledge the unique needs of each client, analyzing their situation closely to devise a personalized strategy to optimize deductions and minimize tax liabilities.
- We handle Federal and State Business Tax filings across all 50 states.
- Commonly received forms from corporations used to determine income includes the 1099-MISC, 1099-K, and the Profit & Loss (P&L) Statement. The P&L also assists in determining business expenses.
- The Business Balance Sheet is also used to determine Total Assets, Liabilities & Equity retained in the Business.
- We specialize in filing Forms Schedule C, 1120-C, 1120-S, 1065, and 990.
- Additionally, we offer assistance in filing Forms 1096 and 1099-MISC, NEC, for contractors paid during the tax year.
- Our Business Tax Preparation services include providing all necessary forms and schedules. Business owners often receive Schedule K-1, which is crucial when filing their individual income taxes.
- For returning clients, we help them file before the due date or process extensions to avoid IRS penalties for late submission.
- Beyond tax filing, we continue to support our clients by addressing any correspondence received from the IRS or state agencies.
Trust IBUS, Inc. to handle your business tax preparation needs with expertise and professional care!
Important Tax Due Dates for Business Tax Returns
Important Tax Due Dates for Business Tax Returns
Important Tax Due Dates for Business Tax Returns
- January 15 - 4th Quarter Prior Year estimated tax payment due
- January 31 - Employers send W-2s forms to employees
- January 31 - 1099 Forms are due to IRS and recipients.
- March 15 - Taxes are due for some business types:
- Partnerships
- Multi-member LLCs, and
- S-Corporations.
- Businesses organized as partnerships, including multi- member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, if they are a calendar year business.
- If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 - March 31 tax year, your business tax return would be due June 15 instead of March 15.
- April 15 - Taxes for C-Corporations are due.
- Businesses organized as C-Corporations need to file form 1120 by April 15, if they are a calendar year business.
- If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 - March 31 tax year, your business tax return would be due June 15 instead of in April.
- September 15 - Deadline for extended partnership and S-corporation returns
- October 15 - Deadline for extended C-corporation returns
Note: Filing Deadline dates are subject to change if or when they fall on a non-business day. Let IBUS, Inc. keep track of your filing deadlines, so that you don't have to! Call Us Today at (984) 333-3317!
Business Entity Types & Tax Implications
Sole Proprietors (Self Employed)
Limited Liability Companies (LLC)
Sole Proprietors (Self Employed)
The owner and the business are legally considered as one as the same. The owner is responsible for all aspects, including business income tax returns, expenses, assets, and liabilities. Sole Proprietorships report income and expenses on the form Schedule C of the owner's individual tax return (1040). Let us help you legally maximize your deductions and minimize your tax liability.
General Partnerships (1065)
Limited Liability Companies (LLC)
Sole Proprietors (Self Employed)
Partnerships are similar to Sole Proprietorships in that the business and its owners are treated the same. Partners in such arrangements allocate assets and liabilities based on their ownership percentage. When executed correctly, partnerships can offer great tax advantages.
Limited Liability Companies (LLC)
Limited Liability Companies (LLC)
Limited Liability Companies (LLC)
The business and its owners are distinct entities legally. LLCs are taxed similarly to partnerships and are considered "pass-through" entities, resulting in no taxes on the LLC's income.
S Corporations (1120S)
Non-Profit Entities (990)
Limited Liability Companies (LLC)
A separate legal entity from its business owners like LLCs, S corps are pass-through entities so they are not subject to double taxation like C Corporations are. This allows for great tax flexibility.
C Corporations (1120)
Non-Profit Entities (990)
Non-Profit Entities (990)
A legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. C corporations, the most prevalent of corporations, are also subject to corporate income taxation. The taxing of profits from the business are at both the corporate and personal levels, creating a double taxation situation. However, C corporations can be great for developing businesses because it can offer shares to their investors. Let IBUS, Inc. prepare your tax returns accurately while helping you to maximize the tax benefits that your business is legally entitled to.
Non-Profit Entities (990)
Non-Profit Entities (990)
Non-Profit Entities (990)
Nonprofit organizations who are lawfully recognized as charitable do not distribute profit to anything other than furthering the advancement of the organization. As such, Nonprofits are required to make their financial and operating information public so that donors can see how their contributions were used. The nonprofit, pays no taxes on any money received through fundraising. However, to stay compliant, non-profits must submit annual informational tax returns.
Individual Tax Planning & Preparation
Individual Tax Planning & Preparation (1040)
Important Tax Due Dates for Individual Tax Returns
Important Tax Due Dates for Individual Tax Returns
Individual Tax Planning:
IBUS, Inc. offers expert guidance and support for your personal income tax needs. We know that life events like education, employment, marriage, children, home purchases, investments, and starting a small business can significantly impact your personal tax situation. Therefore, Individual income taxes play a crucial role in financial and economic decisions, influencing areas such as immigration, home buying, loan processes, vehicle purchases, student loans, and more. So, it is important to have a strong tax and accounting team guiding you and helping you to be prepared for future uncertainties which are key to navigating these changes. Our Tax Planning services cover various aspects, including tax strategies, withholdings, investments, estimated tax payments, self-employment incomes, Social Security, and more.
Individual Tax Preparation:
Key Service Details:
- We handle Federal and State Individual Income Taxes for all 50 states.
- If you're a first-time client, we'll schedule a free consultation to discuss your tax situation in detail.
- Some common forms we request to complete your tax returns, include W2, 1099-MISC, 1099-NEC, 1099-K, 1099-INT, 1099-DIV, 1099-G, 1098-INT, 1095, and other tax statements or documents.
- Filed forms typically include 1040, Schedules A, B, D, and 1, ACA worksheets, and more.
- For clients with additional income sources like self-employment or rental properties, we assist in organizing all income and expenses for accurate filing.
- Self-employed individuals receive support in filing Forms 1096 and 1099-MISC for contractors.
- We welcome all complex cases and tailor our assistance to your needs.
- Refunds are e-filed and directly deposited into your personal bank account if applicable.
- We use the latest tax software to electronically file your taxes where possible or we print and mail the paper returns.
- We provide ongoing support beyond filing. We provide assistance with IRS or state agency communications, refund tracking, tax payments, payment plans, and more.
To get started with your individual income tax planning and preparation, feel free to contact us today!
Important Tax Due Dates for Individual Tax Returns
Important Tax Due Dates for Individual Tax Returns
Important Tax Due Dates for Individual Tax Returns
- January 15 – 4th quarter Prior Year estimated tax payments due
- April 15 – Individual tax return (Form 1040)
- April 15 – 1st quarter estimated taxes
- April 15 – Last day to make HSA and IRA contributions for Prior tax year
- June 15 – 2nd quarter estimated taxes
- September 15 – 3rd quarter estimated taxes
- October 15 – Final due date for extended returns
Note: Filing Deadline dates are subject to change if or when they fall on a non-business day. Let IBUS, Inc. keep track of your filing deadlines, so that you don't have to! Call Us Today at (984) 333-3317!
Tax Preparation Steps to Success
