Tax Preparation

INDIVIDUAL TAXES ( FORM1040)

We help you file your personal taxes forms 1040, 1040A, 1040EZ and 1040R

SINGLE OWNER LLC OR SOLO-PROPRIETOR TAXES ( SCH C , Profit and Loss)

Need to file business taxes CLICK HERE for income and expense summary

IMPORTANT NOTES:

  • Tax season will begin January 15th 2021
  • Refunds are issued within 3 weeks after E-file is accepted
  • Individual taxes are due April 15th 2021 (avoid penalties by filing early)
  • If you had Obamacare Insurance you MUST include form 1095A with your taxes
  • If never got Stimulus check you can get it with this tax filing (remind your preparer)
  • The IRS minimum late filing penalty when filed more than 60 days after the return due date; The minimum penalty is the LESSER of two amounts – 100% of the tax required to be shown on the return that you didn’t pay on time, or  $435 for returns due on or after 1/1/2020. There is also failure to pay penalty and interest charges besides the penalty.
  • There is state late filing penalty and this varies with each state.

PARTNERSHIP TAXES  (IRS FORM 1065)

Need to file Partnership business taxes CLICK HERE for income and expense summary

IMPORTANT NOTES:

  • Tax season will begin January 15th 2021
  • Partnership taxes are due March 15th 2021 (avoid penalties by filing early)
  • The IRS penalty for filing late is $205 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.
  • There is state late filing penalty and this varies with each state.

C-CORPORATION TAXES (IRS FORM 1120)

Need to file business C-Corporation  taxes CLICK HERE for income and expense summary

IMPORTANT NOTES:

  • Tax season will begin January 15th 2021
  • C-Corporation taxes are due April 15th 2021 (avoid penalties by filing early)
  • The IRS penalty for filing late is 5% of the taxes you owe per month for the first five months – up to 25% of your tax bill. The IRS will also charge you interest until you pay off the balance.
  • There is state late filing penalty and this varies with each state.

S-CORPORATION TAXES (IRS FORM 1120S)

Need to file business C-Corporation  taxes CLICK HERE for income and expense summary

IMPORTANT NOTES:

  • Tax season will begin January 15th 2021
  • S-Corporation taxes are due March 15th 2021 (avoid penalties by filing early)
  • If S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $205 for each month or part of the month the return is late multiplied by the number of shareholders.
  • There is state late filing penalty and this varies with each state.

ADULT FAMILY HOME OR BOARDING HOMES  BUSINESS TAXES

Need to file AFH business taxes CLICK HERE for income and expense summary

IMPORTANT NOTES:

NON-PROFIT TAXES (IRS FORM 990)

Need to file business taxes  CLICK HERE for income and expense summary

IMPORTANT NOTES:

  • Tax season will begin January 15th 2021
  • Non-Profit  taxes are due May 15th 2021 (avoid penalties by filing early)
  • There is state late filing penalty and this varies with each state.
  • If a Non-Profit organization whose gross receipts are less than $1,000,000 for its tax year files its Form 990 after the due date (including any extensions), and the organization doesn't provide reasonable cause for filing late, the Internal Revenue Service will impose a penalty of $20 per day for each day the return is late. The maximum penalty is $10,000, or 5 percent of the organization's gross receipts, whichever is less. The penalty increases to $100 per day, up to a maximum of $50,000, for an organization whose gross receipts exceed $1,000,000.
  • An organization that fails to file the required information return (Form 990, Form 990-EZ, or Form 990-PF) or e-Postcard (Form 990-N) for three consecutive tax years will automatically lose its tax-exempt status.

PAYROLL TAXES & QUARTERLY TAXES

Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions from an employee's wages, and taxes paid by the employer based on the employee's wages.

Need to file 1099M CLICK HERE for employees information or CLICK HERE for W2/ Payroll taxes and company information

When are quarterly taxes (Form 941) due?

  1. 1st Quarterly taxes due on April 15 – for January, February and March.
  2. 2nd  Quarterly taxes due on July 15 – for April and May and June
  3. 3rd  Quarterly taxes due on October 15 – for July and August and September
  4. 4th Quarterly taxes due on January 15 of the following year – for October, November and December.
  5. Annual tax 940, W2, W3, 1099M, 1096 etc. are due by January 31st  of the following year.

BUSINESS PRIVILLEGE TAXES & A FRANCHISE TAX

The business privilege tax is an annual tax paid by corporations and limited liability entities. (including disregarded entities) for the privilege of conducting business in the state.

A franchise tax is a government levy charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity.

To pay BUSINESS PRIVILLEGE TAXES or  A FRANCHISE TAX    CLICK HERE

OR

for states with Annual reports CLICK HERE