Business Tax Returns Lawyers in St. Louis Helping You Reduce Tax Liability
Starting your own business or taking one over can be an inspiring time in your life. But when tax season rolls around, submitting your business tax returns accurately and on time is essential to avoid fees and penalties from the Internal Revenue Service (IRS). If this is your first time submitting a business tax return or you have a unique tax situation, it’s understandable that you might feel overwhelmed or a little confused about the process. Fortunately, an experienced business tax returns lawyer can assist you by walking you through the process and ensuring all of your documents are accurate.
Our team at The Law Firm of Lance R. Drury, P.C. is here to assist you with any business tax needs. Whether you’re working through a complex tax situation, like installment agreements or tax liens, or simply want to ensure your tax documents are correct, we can walk you through the process. Contact one of our offices today for a free consultation and to learn more about our services:
Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.
What is a Business Tax Return?
A business tax return is similar to a personal tax return in that it reports your company’s income, tax deductions, and tax payments. If you own a business, you must file a business tax return annually. Your tax return lets the IRS calculate your tax liability and how much you owe at the end of the year.
The type of business tax return that you file depends on what kind of business you own. You may also be able to claim specific deductions depending on where your business is located and how big the business is. The best way to figure out your specific deductions is to consult with a tax attorney.
What Kinds of Business Taxes Are There?
The IRS lists five types of business taxes you may have to file. The form of business that you own and operate dictates which kinds of taxes you have to pay.
The types of business taxes include:
All business types besides partnerships must file income taxes. Typically, these federal taxes are pay-as-you-go taxes. Your business may owe the IRS money if you have not paid enough federal tax throughout the year.
Your estimated tax is based on income and self-employment income, if applicable. Estimated tax is generally paid throughout the year and is a rough estimate of the taxes that your business will owe.
If you are self-employed, your business is required to file self-employment tax. These taxes primarily contribute to Medicare and Social Security throughout the year. Typically, you only have to file self-employment taxes if your business earned more than $400 that year.
If your business has employees, you are required to pay employment taxes. These taxes generally cover social security and Medicare taxes, federal income tax withholding, and federal unemployment taxes.
The excise tax is a specific tax only certain businesses must pay. If your business manufactures or sells certain products, uses certain services, or operates a certain way, then you are required to pay this tax. Consult a tax lawyer on our team to learn more about the excise tax and whether your business must pay it.
How Do I File a Business Tax Return?
Filing a business tax return is different from filing an individual tax return. Our team of experienced business tax returns lawyers can assist you with gathering documents and filling out forms to avoid fines and penalties from the IRS.
The basic process for filing a business tax return includes the following:
Before filing, ensure you have your taxpayer identification number (TIN) and any financial records of your business. These records could include financial statements, income statements, balance sheets, and any supporting documents.
Choosing Which Tax Form to Use
Since there are multiple types of businesses, there are also numerous different tax forms that you could fill out. Corporations and limited liability companies (LLCs) generally use one form, while partnerships and sole proprietorships use other forms. If you need help deciding which form to use, reach out to a member of our team for more information.
Filing On Time
Different business types have different deadlines for filing their taxes. If you cannot file your taxes within that deadline, you can file for an extension from the IRS. Filing business tax returns late without an extension can result in penalties and fines for you or your business.
Consulting a Business Tax Returns Lawyer
With so many different forms to choose from and documents to attach, filing business taxes on your own can be stressful. If you need help figuring out how to file your taxes, give our team a call today. We’d be happy to assist you with any of your tax needs.
How Can a Business Tax Return Lawyer Help Me?
If you’ve been reporting your income for a while now, you might have the hang of filing your own individual tax returns. However filing business taxes is more complex and requires much more documentation than personal tax returns. If this is your first time filing business taxes or you have a unique tax situation, our team of tax attorneys can help.
Don’t feel like you have to tackle your complex business needs on your own. Here at The Law Firm of Lance R. Drury, P.C., we are dedicated to providing you with accurate legal representation for any of your tax needs. Whether you’re self-employed, own a large corporation, or have just started a small business, we are here to assist you. Call one of our offices today for a free consultation: Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.