• Home»
  • Blog»
  • Tax Planning: Now is the Time

Tax Planning: Now is the Time

Share to:

Here is a quick reminder of the items you need to keep in mind when filing your taxes

January 12, 2015
Author: NCH

Start Your Business with a Nevada LLC

The ONLY 5-Star Rated Business Formation Company Excellent

Who must file

All domestic corporations must file an income tax return whether or not they have taxable income (including corporations in bankruptcy). The majority of small business owners operate as an S-Corporation or an LLC that has elected to be taxed as an S-Corporation.

LLC’s are typically “disregarded” for tax purpose unless you have elected to be taxed as a Corporation or Partnership. “Disregarded” LLC’s must report all profits or losses on the business owners’ tax return, meaning that if your LLC was set up and disregarded for tax purposes, you will not be filing a separate return for the LLC – the IRS will expect that all profits or losses be reported on your personal return appropriately.

What form to file

A corporation must generally file Form 1120 to report its income, gains, losses, deductions, and credits, and to figure its income tax liability. If you have an S Corporation, you’ll need to file form 1120S. Even if your business has no profits, you’re still required to file the return appropriately. Also, certain organizations must file special returns. For more information, see the instructions for Forms 1120 and 1120S.

When to file

You’ll need to file your taxes or file for an extension by March 16th. Failure to file your taxes or file for an extension will result in significant penalties. Even if your business has no profits, you’re still required to file the return appropriately.

Start your Nevada LLC in
24 hours guaranteed

You don’t need to live in Nevada to enjoy the best asset protection
and audit defense a Nevada LLC can provide.

The IRS estimates that 80% of business owners overpay their taxes each year. Don’t be one of them!

Finding the right CPA can be challenging. You’re looking for a strategist that knows the laws and can advise you on how to legally pay the least amount in tax possible. One of the largest expenses you have as a business owner is the tax bill!

With today’s technology, it is no longer necessary to make those dreaded trips to your CPA’s office. With phone, fax, and internet – you’re able to hire great CPA’s and effectively communicate with them from anywhere in the world. It makes sense to work with the professionals at NCH that understand your needs and provide you with excellent service.

Share to: