How to Correctly File Business Taxes for an LLC and Avoid Issues Later On
It’s really that simple—well, depending on which choice you go with!
If you choose to take care of your own business tax obligations yourself, then honestly, you might be in for a unique experience—every year! When you’re working to file personal taxes, that can be challenging. So when you incorporate business taxes into the mix of priorities, then things can get all the more complicated, especially if you don’t know what you’re doing.
Depending on the size of your business, if it’s a small enough operation, you might be able to get away with filing your own business taxes. However, it’s worth mentioning that business taxes are a little different from personal filings. That means there are certain business tax laws you need to be aware of. Not having a full understanding about business taxes could lead to delays in filing that might result in late penalty fees.
Filing Taxes as a Business owner
Operating as an LLC with only one owner, you have the option of filing it with your personal taxes or if you prefer, can file it in a separate return only if you want to be taxed as a corporation. Being taxed as a corporation comes with an additional amount of responsibilities and is really only necessary depending on the type of company you’re managing. This also depends on how your company is taxed. It could be considered a partnership if there are only two people involved. At any rate, it’s important to know your businesses tax classification so that you can file properly.
If this confuses you, then it might be advantageous to seek out some professional consulting from tax experts who have extensive experience in filing LLC’s.
Success Tax Relief, a tax relief firm located in LaPorte, Texas, has over 30 years of experience consulting businesses just like yours. We have a team of Certified Public Accountants (CPAs) tax preparers, and tax lawyers who are readily available to handle your business taxes and help you get the best possible outcome available.
By teaming up with the Success Tax Relief firm, you’ll be partnering up with experienced professionals who will take the necessary steps towards helping you through your annual tax filing process for business and personal financial needs. Here is a short list of some of the services we can help you through:
- Offer in Compromise
- Penalty Abatement
- Delinquent Tax Returns
- Substitute Tax Returns
- Levy on Wages
- Federal Tax Lien
For free advice about your taxes, visit our online blog. But if you want to speak to a tax professional, then call our toll-free number at 877-825-1179. You can also contact us through our online contact form. If you prefer to reach us by email, you can do that too! Let Success Tax Relief guide you through filing your LLC business today.