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Corporate Tax Preparation and Planning

Whether your company reported a profit or not for the fiscal year, taxes are supposed to be filed every year as mandated by the IRS. Companies which have been incorporated as S-corporations or C-corporations are legally required to pay corporate tax returns. These structures are chosen by most business owners since these include several perks such as instead of the business owner, the business itself being able to pay taxes on the earned profits. That’s where tax preparation in Los Angeles helps.
Whether your company reported a profit or not for the fiscal year, taxes are supposed to be filed every year as mandated by the IRS. Companies which have been incorporated as S-corporations or C-corporations are legally required to pay corporate tax returns. These structures are chosen by most business owners since these include several perks such as instead of the business owner, the business itself being able to pay taxes on the earned profits. That’s where tax preparation in Los Angeles helps.
Companies are required to file corporate returns by March 15 every tax year. However, some scenarios make business owners eligible to obtain a 6-month extension on that. An online tax return filing is also required from all businesses that file taxes as a corporation and have assets worth more than $10 million. The corporate tax consultants at Get A Tax Lawyer would be happy to file online on your behalf of your company. However, tax documentation can be filed electronically only. Corporations are eligible to pay in installments in April, June, September, and December.

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What specifics are part of Corporate Tax Returns?
A corporate tax return gives a basic outline of a corporation’s income and its expenses. It also defines the tax amount the entity will have to pay the US government. Several aspects go on the report, including cost of goods sold, expenses and dividends, compensation of officers, which accounting systems are in use, details of the business, what category of North American Industry Classification System (NAICS) the business falls within, income/loss statements, and balance sheets.

What Details Do I need to File My Corporate Tax Return?

You need to have the following details to file your corporate taxes:

  • Business Name
  • Business Address
  • Employee ID
  • Business incorporation date
  • Total assets of the business

Then there are certain details your CFO may be able to furnish:

  • Capital gains
  • Royalties
  • Rents
  • Interest
  • Gross Receipts
  • Cost of Goods Sold
  • Dividends

When I file my Corporate Tax Returns, which expenses can I deduct?

Huge amounts of tax-deductible business costs may be reported by corporations in proportion to their earned income. These expense reports must be monitored by the accounting officers of the corporation throughout the year. They must be ready to furnish all necessary details during a tax audit conducted by the IRS. Tax-deducted corporate costs may cover:

  • Local production activities
  • Employee benefit programs
  • Profit-sharing and pension plans
  • Advertising
  • Depreciation
  • Charitable donations
  • Interest costs
  • Licenses and taxes
  • Maintenance & Repairs
  • Rent
  • Employee salaries
  • Additional salaries
  • Miscellaneous costs

 How Corporate Taxes Apply to Foreign Investment

Owners of US-based corporations that are foreigners are not exempt of taxes. They must, however, seek the counsel of a good global tax advisor before they set up a company in the US. Seeking their advice at the time of tax filing is also helpful.

Foreign owners of US companies are eligible to own shares in a C-corporation, which may be subjected to double taxation on income at personal and corporate levels, for dividends the shareholders earn. To prevent this, a Limited Liability Corporation may pass all its income to the owner, who is then required to file personal income tax.

If you have any queries related to corporate tax preparation and planning,

Get A Tax Lawyer will be happy to guide you. Dial 1-800-213-8049 to have an expert guide you now!

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