Business tax returns are the culmination of your year of hard work. The process of telling the IRS about all of your income and expenditures is perhaps the most important job of your accountant. Because of the amount of data required to complete Form 1065, Form 1120 or Form 1120-S and the quantity of missteps that could be taken, you'll want our watchful eyes finalizing your most important tax documents.
Preparation for Your Business Taxes
Before we can put together your business tax return, there is work and a degree of due diligence that must be done. The IRS requires that you keep a formal set of records for your business, and that means there's some bookkeeping that needs to be done before your business tax return can be prepared.
If you've done your own bookkeeping throughout the year, we will take your final records and verify things like your bank balance, payroll, loan balances, accounts receivable, accounts payable and inventory.
If you haven't done any internal bookkeeping or need some finishing touches, it isn't a problem! We can take all of your bank statements, credit card statements and other accounting records and turn them into financial statements that are ready for transfer onto a business tax return.
Business Tax Due Dates
Generally speaking, if you are an S-Corporation, your business tax return (Form 1120-S) is due on March 15 instead of April 15. If your S-Corporation tax return needs to go on extension, it can be put on a six-month extension until September 15. Just remember that you can't file your personal tax return until your 1120-S is complete.
C-Corporation tax returns (Form 1120) are due on the 15th day of the 4th month after year its year end (except for tax years that end on June 30 which have due dates of September 15). For C-Corporations that have calendar tax years, Form 1120 is due on April 15.
Partnership tax returns (Form 1065) are due on the 15th day of the 3rd month after its year end. For calendar year partnerships, Form 1065 is due on March 15.
Extensions for both Form 1120 and Form 1065 are valid for six months.
Tangible Tax Returns and Annual Reports
In the State of Florida, businesses that hold over $25,000 in tangible assets are required to file a tangible tax return each year. Other states have other requirements for tangible, intangible or other local taxes as well.
Most of the 50 states require an annual report for keeping your business active at the state level. Many require a fee that must be paid separately as well.
Whereas many other accounting firms will charge for preparation of these minor tax and information returns, we include all of your tangible tax returns and assistance if needed for your annual report in with your fees for our services. Please note that we are not familiar with laws outside of the State of Florida, and your state and municipality may require filings that we are not aware of. It is your responsibility to know your local laws, though we will help out where practical.
Pricing
Depending upon the size of your company and the amount of work that has to go into the steps prior to the actual preparation of the tax return, there could be a wide range of tax prep fees. Our minimum business tax returns start at $750. The majority of business tax returns fall between $800-$1,200. State business tax returns generally cost an additional $100-$300.