Tired of scrambling to get your books in order by the tax deadline?
Wish you knew how business decisions made throughout the year can affect your taxes?
Think you may have omitted information from a prior-year return?
If so, you've come to the right place!
How can Moss CPA help?
Moss CPA is different from the tax preparers you’re used to. We don’t just check in with you at tax time. Our goal is to be your trusted advisor, not just your tax preparer. That’s why we offer our service in convenient packages that provide year-round access to expert accounting and tax advice for your business.
We know that owning a business is complicated, especially when it comes to how your business can affect your individual finances. That's why we
Take a look at the benefits you could receive with our year-round advisory tax services:
Online storage of your prior-year returns
Unlimited consultation by phone or email
Tax authority correspondence
One-on-one meetings with your tax advisor
Annual or quarterly reviews of your QuickBooks file
What kind of return should I file?
Sole proprietorships and single-member limited liability companies (LLCs) are usually treated as disregarded entities for tax purposes. They do not need to file tax returns (although single-member LLCs can choose to be taxed as corporations). Their profits and losses are reported on the owner's Schedule C on Form 1040 with the Internal Revenue Service.
Partnerships must file annual tax returns to report their income, expenses, gains, and losses, but they do not pay tax on their earnings. As pass-through entities, they file Form 1065 with the IRS and must provide each partner with a Schedule K-1. They must also file Form 565 with the FTB and provide each partner with a California Schedule K-1.
LLCs with two or more members are by default treated as partnerships, but they can choose to be taxed as either partnerships or corporations (Form 8832 must be filed for LLCs to elect to be taxed as corporations). LLCs choosing to be treated as partnerships must file Form 1065 with the IRS and Form 565 with the FTB. LLCs choosing to be treated as corporations must file Form 1120 with the IRS and Form 100 with the FTB.
S corporations must file Form 1120-S with the IRS and Form 100-S with the FTB. Income, expenses, and credits flow through the S corporation to each shareholder’s personal tax return on their federal Schedule K-1 and their California Schedule K-1.
Corporations file Form 1120 with the IRS and Form 100 with the FTB. Corporations are taxed based on their profits and losses each year. In addition, Shareholder distributions are not exempt from tax; these distributions must be reported by corporations on Form 1099-DIV and are considered taxable income for the shareholders.
Trusts and estates file Form 1041 with the IRS and Form 541 with the FTB. When distributions are taken by beneficiaries, both a federal and a California Schedule K-1 are required. If contributions to the trust or estate are made, additional schedules may be required.
When should I file?
For sole proprietorships and single-member LLCs, federal tax returns are due the 15th day of the fourth month after your business' tax year ends.
For partnerships, federal tax returns are due the 15th day of the third month after your tax year ends.
For LLCs treated as partnerships, federal tax returns follow the partnership deadline. LLCs treated as corporations follow the corporation deadline.
For S corporations, federal tax returns are due the 15th day of the third month after your tax year ends.
For corporations, federal tax returns are due the 15th day of the fourth month after your tax year ends.
For trusts and estates, federal taxreturns are due the 15th day of the fourth month after your tax year ends.
State tax returns generally follow the federal due dates.
How do I file?
Give us a call! Whatever your type of business, our team has the experience and expertise to provide you with quality, up-to-date tax return preparation and year-round advice. We'll determine which filings are required to stay in compliance with federal and state law, and we’ll help you implement a system that will keep your books in order and facilitate tax preparation. Ready to get started? Call us today!