Business tax returns

Business tax returns are required to be filed by any business or trust with an EIN (Employer Identification Number). The most common question we get involving business taxes is “Do I need to file a business tax return even if I did no business or lost money”. The answer surprises most people. You are required to file a return every year until you close the business with the IRS. Failure to file your business tax returns will result in large penalties from the Federal and State taxing authorities. The other important issue for all business owners to know is which entity is right for you. Partnership, LLC, S Corporation, or C Corporation. There are good and bad reasons to pick any of these entities. Consulting each year with your tax professional can ensure you have the correct entity structure to save, time, money, and plan for the future of your business. Often what is the correct entity today is not the correct entity in 5 years. As your business grows and changes so must your tax planning. For additional information on business returns please click on the link below and one of our tax professionals will gladly contact you.