Carbon Emery Insurance LLC’s Small Business Tax
The small business tax preparation offered by Carbon Emery Insurance LLC can be the ticket to your small business’s tax season going off without a hitch. We’ve assembled this infor-mation about your small business tax prep. For more information about other kinds of business taxes, like self-employed taxes and corporation taxes, check out the other pages on this website and contact us at (435) 687-2403 to set up an appointment
How Can Carbon Emery Insurance LLC Help My Small Business Prepare for Tax Season?
The costs of hiring a tax professional are usually minimal compared to the time and re-sources lost filing business taxes alone. We have business tax services that can be tailored to suit the needs of your specific business. We know that your small business is a huge part of your life. Whether your small business is your main source of income, a side gig, or your passion project, a successful tax season is vital to make sure that the future of your business is all that it can be.
Taxes can make or break a small business—too many small American businesses are harmed by improper tax preparation. This improper preparation can come from busi-ness owners not having the information they need to prepare for their tax season, or sometimes getting taken advantage of by shady tax professionals.
Our Tax Accountants Can Help Small Businesses of All Types
There are several different types of businesses. When it comes to filing business taxes, most businesses file with a Schedule C on a personal tax return. This involves a form 1040. This is because most small businesses are sole proprietorships.
A sole proprietorship is the default business type that small businesses are if they are not registered with their state as a different kind of business, and the proprietor does not have any business partners. A sole proprietor pays taxes on the owner’s personal tax return, using a schedule C.
A partnership is a business with at least two partners. Partnerships are registered with the state. Partnerships need to file an information return on Form 1065. Each partner gets a Schedule K-1 for their personal return.
An LLC with a single member files as a sole proprietorship. A multiple-member LLC files as a partnership.
Does My Business Really Need a Small Business Tax Consultant?
If your small business is very small, and does not have assets, or hasn’t sold anything, then your small business may have a simple enough return that you can do it alone, or with one of the many available online tax preparation softwares. However, most small businesses do need a tax preparer.
In addition to your annual small business tax return, a small business that does not pay enough taxes for whatever reason needs to file a quarterly estimated tax return.