If your businesses need more time to prepare all their business income tax returns documents, the business owners can request additional time from the IRS by filing a simple extension Form 7004. It helps them avoid urges and issues in…
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Form 1120-S – An Overview Form 1120-S is used by businesses elected as an S-Corporation to report the profit, losses, and other financial activities for that tax period. This form is also used to report to the IRS what percentage…
The state of Texas offers several benefits to starting businesses including a low tax burden, Simple state regulations, a large workforce, and more. If you start a small business in Texas, the S-Corp status is an ideal choice for you….
Are you planning to start a small business in Florida with a limited budget and shareholders? The S-Corp status is ideal for your small business. You can take tax advantages of S-Corporation status, however, there are rules and regulations you…
Form 2553 – An Overview Form 2553, Election by a Small Business Corporation, is used by businesses to elect under section 1362(a) to be an S corporation Status. The Status of S-Corporation helps business owners from double-taxation. It avoids paying…
What is an S Corporation? An S-Corporation is an IRS tax classification and not a business structure. Businesses such as LLCs and corporations can apply for an S corporation status. Small businesses mostly prefer S-Corporation status as the taxable income…
Starting a business in the United States is not a simple process and you may have to face many exciting and difficult experiences. If you are looking to start a business, you may have a good financial status, and business…
What is Form 1120-S? Form 1120-S is an IRS tax form designed for S-Corporations (limited liability companies taxedas S-corps) to gather information on the business’s income, losses, and deductions, credits of S-Corporation shareholders. This article helps you to know more…
The primary role of every U.S. citizen including individuals, and businesses is to pay their tax dues and report their financial activities to the IRS every year. As the 2022 year-end is fast approaching, you must get ready for meeting…
Form 1120-S is used by businesses elected as an S-Corporation (by filing Form 2553) to report their financial activities such as income, gains, losses, deductions, credits, tax and payments, international transactions, and more for the tax year. Filers should provide…