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Tips and Guidelines on How to File Business Returns
As long as every business keeps filing their taxes as required by the law, it is very possible for the corporate tax to reach $256 million by the time we reach the 2020 financial year. Research shows that most people do not like the idea of filing their taxes considering that they think that the process is so complicated and challenging to them. If you are among the people that cringe at the tax returns, then it is time to change one’s mindset and first accept that it is not as bad as most people think and also take note that most people always run into trouble due to poor organization. This useful article gives some steps that people, both newbies and seasoned ones should follow when filing their business taxes to make the experience less stressful and accurate.

There is a group of business owners that are known as sole proprietors which means that they own and run the business alone with no one else and it is the simplest kind of business structure in the market today. Since the business is simple with just one owner and manager, filing its returns is also simple as well. For this kind of business structure, one does not have business taxes on behalf of their company but instead, all they have to do is pay del-employed taxes or a tax based on the income they come. It is, however, vital to note that filing self-employment tax is also a priority and it comprises of both social security taxes and Medicare in. Under this category, one is also required to pay estimates quarterly while at the same time filing their returns annually which brings the need to familiarize oneself with the estimated tax. Most business owners opt for the above method when paying their self-employment taxes as well as income taxes for their staff while at the same time taking note that the form 1040-ES is most useful at this point in the entire process. Anyone filing for annual tax under sole proprietorship also has the freedom to choose between using Schedule C-EZ and Schedule C which are both forms used to report the profits and losses made by a business entity.

There is also another guide for other business structures such as partnerships and corporations as well. Under corporations, for instance, there are S and C corporations which have similar tax burdens and people should learn more on the same as well.