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Business Tax Return

What is a business tax return?

A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.

Who has to file a business tax return?

Filing of return mainly depends on the type of business structure. For example:

  • If you are a sole proprietor your business income and your other personal income like salary, income from house property and interest income have to be stated on the same return.
  • If your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business.
  • For companies, firms and Limited Liability Partnership (LLP) a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed.

What are the due dates for filing of returns?

For the Individuals not liable to tax audit, the last date for the filing of the return is 31st July after the end of the financial year (Belated return can be filed up-to 31st March subject to penalty)

For individuals liable to tax audit and all other assesses like company, LLP or partnership firm, the due date is 30th September after the end of the financial year.

The penalty for non-filing of returns- Any loss incurred during the year cannot be carried forward if the return is filed after the due date of filing income tax return.

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Certified QuickBooks Proadvisor

Certified QuickBooks ProAdvisors are experts who have been tested and certified by Intuit (makers of QuickBooks) on a range of QuickBooks products.

QuickBooks Set Up

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

Business Tax Return

A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business.

Personal Tax Returns

An individual tax return is a form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes.

Quarterly & Monthly Filings

Quarterly & Monthly filings include key accounting and financial data for a company, including gross revenue, net profit, operational expenses, and cash flow.

Financial Statement Preparation

Financial statements show how well a company has performed over the year and the level of profit achieved.

Consulting Services

Another tax season is here! I suggest making an appointment as soon as possible after you have received all the necessary paperwork. Form 1040 for US Individual Income Tax Return Annual income tax return filed by citizens or residents of the United States.

Payroll Preparation

Preparing payroll involves a series of basic calculations to determine each employee's base pay as well as deductions for state and federal taxes, and employee contributions to retirement funds and health insurance plans.

Bookkeeping Services

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management.

Bank Financing

CPA consulting services to help small business owners to take bank financing. If you are growing your business and you need money, bank financing can be a good option.
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