Small Business Taxes

Are you a small business owner but unsure about what type of return you need to file? We can help provide some guidance about what type of return and/or schedules you may need to file.  You might already know all this stuff but there are others who do not, so please bear with us as we run through some small business tax preparation scenarios. 

Entity

Tax Return

Form 

Self-employed, DBA, Sole Prop, 1099

Schedule C, Individual Return, Personal Taxes

1040 & CA 540

Single Member LLC

Schedule C, Individual Return, Personal Taxes

1040 & CA 568

Multi-Member LLC, Husband and Wife

Community Property State - Schedule C, Jointly Filed Individual Return or Partnership Return

Common Law State - Partnership Return

 

1040 or 1065 & CA 568

 

Multi-Member LLC

Partnership Tax Return

1065 & CA 568

General Partnership, LP

Partnership Tax Return

1065 & CA 565

C Corp or PC

C Corporation Tax Return

1120 & CA 100

S Corp Election

S Corporations do not exist. Rather, an underlying entity, such as LLC or C Corp, elects to be taxed as an S Corp, therefore, a corporation tax return is filed. 

1120S & CA 100S

If you fall into the Schedule C, Individual Return category, your pricing structure will be found under Personal Taxes, which can be found by clicking here.  If you are a multi-member LLC, C Corp, PC, and taxed as an S Corp, you will need to view our Corporate taxes page, which can be found by clicking here.   We also offer bookkeeping services if you want to shift the burden of your small business bookkeeping to our shoulders. 

As a sole proprietor, the following benefits will apply: 

Employer Identification Number (EIN) Yes, but under your SSN
Bank Account Yes
Process Payroll Yes, provided you have a EIN, and only for employees, not for yourself
401k, SEP IRA Yes
S Corp Election No
Tax Rate 15.3% self-employment tax on net income + individual tax rate
Ability to Deduct Expenses Yes, same as any other business.
California Franchise Tax No

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