If you own a business that files on its own as a corporation (Partnership, S-Corp, or C-Corp) then your extended due date is coming up this week on September 15th.
As a business owner, it is easy to forget the filing due dates when they sneak up on you. If you were able to file an extension before the regular business due date of March 15th, then your time has come around again this September to take care of your business’s income tax filing.
What Do I Need To File?
Depending on the kind of business you have, there are different forms you will need to file. Firstly, in the state of Texas, you will want to make sure that you have filed your Franchise Tax in order to keep your business in good standing with the state.
Then, if you have an S-Corp, you will need to file your 1120-S form (like a 1040 for businesses). If you have a C-Corp, you will need to file a regular 1120. And If you have a Partnership, you will need to file a 1065.
Luckily, for each of these kinds of filings, the information you need to file is much the same.
The first step is to gather your business documents. The important ones to keep in mind are the Certificate of Formation and the EIN Letter from the IRS. This way you know the date your company was opened and what its tax ID is.
Second, you will want to gather up all of the bookkeeping paperwork you have on your company for the year. The big picture that you will want to know is a yearly Profit and Loss statement to show how much income the company made and what the expenses were.
Your tax preparer will be able to use this document to discount the expenses and reduce the tax liability of your company.
Lastly, if you have multiple partners on your business, you will want to make sure you have the information on the partners, such as the percentage of ownership as well as their personal information like Social Security Number and address to list on their K-1 documents.
I Have An LLC, Do I Need To File?
If you have an LLC, there is a chance you have until the regular extended due date of October 15th to complete your business’s tax filing. But it all depends on how your business is classified by the IRS.
The easiest way to tell which one is for you is by looking at your most recent tax return. If your business is filed on a Schedule C (“Profit and Loss for Business”) in your 1040 personal income tax return, this means you have until the regular due date of October 15th to file.
If your business tax return is separate from your 1040 and is filed under any of the business return types listed above (1120-S, 1120, 1065, etc.), then you will need to make sure to file before the September 15th business due date.
Conclusion
Reach out to us if you are unsure of your next steps or need assistance in completing your business or personal tax returns. We also offer bookkeeping, payroll, notary, and other services.
If you are thinking about starting a business, check out our business formation services and get advice from our business experts on how to open, how to classify, and how to succeed in your business.
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