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updated 2020 business tax deadline

Tax day 2021 was moved from April 15 to June 15 for Texas & surrounding states due to the COVID-19 pandemic as well as the Winter Storms that impacted several southern states. The new June 15 filing deadline applies to individuals filing their personal tax returns as well as organizations filing their business tax returns.

While the tax filing & payment dates are the same for both personal & business tax filers, the dates by which they may ask for an extension may differ. Personal tax filers may ask the IRS to extend their filing deadline to October 15, 2021 & Business tax filers may ask the IRS to extend their filing deadline to September 15, 2021.

Keep in mind that an extension only allows you to file your tax documents with the IRS by a later date…you are still required to pay the taxes you are expected to owe by the original June 15 deadline. If you fail to pay the taxes you are expected to owe by the June 15 deadline, you will be considered delinquent and additional fees & penalties may be added to your tax bill.

For more information regarding the new filing & extension deadlines, visit the IRS website.

Taking care of your business is what we do best.

As a business owner, the last thing you want to do is scramble to prepare your business financials so you can file your taxes. Because the task is so overwhelming, many business owners avoid filing their taxes all together and end up missing out on valuable tax refunds. We’ll help you get your records in order and file your taxes so you can reap the benefits of owning a business. 

Get the right forms

Each business type needs different forms. While most IRS forms collect the same information, having the right forms is crucial to meet IRS rules.

Know your deadlines

While individuals are required to file their taxes by the April 15 deadline, certain business entities are required to file in March. In addition, some tax-related tasks have their own deadlines.

Gather your business records

You’re required to report  your businesses revenues to the IRS and they must match the agency’s independent verification of your revenue to avoid an audit.

It doesn’t have to be complicated.

Your reporting responsibilities vary depending on how your business is set up. Ensuring you follow the proper filing procedures for your business type can be complicated and inaccurate information can lead to an audit. 

Document your expenses

In order to be eligible for the many tax breaks that the IRS offers small businesses you’ll have to show documentation of your expenses.

Information Reporting

You’re required to report certain information to the IRS like employee or independent contractor salary information, rent on rental property, or fees for services provided by professionals.

Tax Deductions

Every deduction counts when you’re a small business. Don’t miss out on important deductions like advertising, car, home office, or depreciation deductions.

Common Business Tax Forms

The paperwork and forms you use to file an income tax return for your business depends on how your business is organized. Here are some of the most common tax forms based on your business type:

SOLE PROPRIETOR

You can report all of your business income & expenses on a Schedule C with your personal income tax return. If you have more than one business, you’ll need to report each one on a separate Schedule C.

  • Schedule C
  • Schedule E (Rentals & Royalties)
  • Form 1099-Misc
  • Form 1099-NEC
John Doe
C CORPORATION

Corporations pay tax on their earnings & their shareholders also pay tax on dividends. C Corp businesses file their taxes separate from your individual income taxes.

  • Form 1120
  • Form 1099-DIV
John Doe
S CORPORATION

An S Corporation is similar to a C Corporation in that corporate income passes through its shareholders. All income and losses are reported on the personal tax returns of the shareholders. 

  • Form 1120-S
  • Schedule K-1
  • Schedule E, Part II
John Doe
LIMITED LIABILITY COMPANY (LLC)

An LLC can be treated as one of 4 different types of entities, depending on how it was formed. If you are an LLC in Texas, you’re required to file a Texas Franchise Return.

  • Schedule C, E, or K-1
  • Form 1065
  • Form 1120 or 1120-S
  • Form 1099-Misc, 1099-NEC, or 1099-DIV
John Doe
PARTNERSHIP

Partnerships do not pay taxes. The net income, tax credits, & other tax items are passed to each of the partners. Partners receive a report of their share of items on a Schedule K-1. They’ll then report that information on their individual tax return.

  • Form 1065
  • Schedule K-1
  • Schedule E, Part II
John Doe
NON PROFIT ORGANIZATION

Charities & other not-for-profit organizations will need to report income, expenses, & balance sheet information. Employees of a Nonprofit will still need to report their income on their individual tax return.

  • Form 990
John Doe

Missing important information? WE CAN HELP!

The tax specialists at Jay Finn, CPA have been helping small businesses file complex and unique taxes for over 35 years. There’s no need to stress out or worry about documents that may have gone missing or your incomplete financial records. We can help you get the information you need.

records reconstruction

It’s not uncommon for business owners to misplace important filing documents. We can reconstruct your records according to IRS published guidelines so your filing is complete and error free.

Quickbooks repair

It’s easy for a small business to lose track of their finance’s and get overwhelmed. We’ll repair your accounting records so the IRS gets a complete and accurate report of your financial standing. 

Incorrect classification of workers

Invalid or overstating deductions

Delinquent payroll taxes

Failure to withhold payroll taxes

Paying back taxes

IRS Audit letter

Is your business facing tax problems?

You’re not alone? Many businesses find it challenging to keep up with the many financial responsibilities of owning a business. Let our IRS experts take the worry out of your taxes.

Business tax forms

Business Tax Resolution

Is your business facing back taxes, an IRS audit, or unfiled tax returns? If you don’t resolve these issues the consequences can be disastrous for your business. The IRS can levy your accounts receivables, seize your assets, and tack on extra fines and penalties.

At Jay Finn, CPA, our tax resolution attorneys will fight the IRS on your behalf to reduce your tax debt. Give us a call so you can stop worrying about your taxes and get back to growing a profitable business. 

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