C-Corp Tax Preparation

As a business owner, you juggle many responsibilities, from managing employees to meeting customer demands. Amidst the daily grind, tax preparation can easily slip your mind. However, neglecting tax planning can have serious repercussions for your business come April. That’s why partnering with a professional tax preparer like MaxTax is crucial.

When it comes to business taxes, there are many factors to consider. Are you incorporated? What type of entity are you? What deductions can you claim? Our team at MaxTax can help you answer these questions. We specialize in C-Corp tax preparation and are dedicated to helping your business thrive.

1120 C-Corp Taxes: What You Need to Know

As a C Corporation, your business must file annual income tax returns, in addition to any state and local taxes. The good news is that C Corporations may qualify for certain deductions, which can reduce your overall tax liability.

One key point to remember is that you must file your return by the 15th day of the 4th month following the end of your fiscal year. For example, if your fiscal year ends on December 31st, your return is due by April 15th of the following year. Missing this deadline can result in penalties and interest charges from the IRS. You can also file for an extension, giving you an additional 6 months to file your C-Corp return.

How are C-Corporations Taxed?

C Corporations face double taxation, meaning corporate profits are taxed at the corporate level (21% as of 2022) and again at the shareholder level when distributed as dividends. This makes tax planning for C Corporations particularly challenging, underscoring the importance of working with a professional.

Use MaxTax to Simplify Your C-Corp Tax Filing

Step 1: Gather Your Financial Documents Start by collecting your financial documents, including formation documents, prior year tax returns, profit and loss statements, balance sheets, and any other relevant tax documents. Having these ready before your 1120 tax preparation appointment will expedite the process.

Step 2: Meet with Your Tax Preparer Once your documents are in order, schedule a meeting with your tax preparer. At MaxTax, we will review your documents, ask any necessary questions, and inform you of any additional documentation needed. We offer in-person, virtual, or phone meetings for your convenience.

Step 3: Prepare and File Your Taxes With all the necessary information, we will prepare your corporate tax return. After completion, we will review it with you to ensure accuracy before filing it with the IRS. Once filed, you can rest assured that your taxes have been handled correctly.

C Corporation Tax Preparation Near Me

At MaxTax, we understand the challenges businesses face with taxes. We are here to help you navigate the complexities of the tax code and maximize every opportunity available to you. Contact us today to learn more about how we can help your business succeed.

Don’t let taxes catch you off guard this year. Partner with MaxTax for all your C-Corp tax preparation needs. We will work with you to maximize your return and avoid IRS penalties and interest charges. Contact us today to learn more about how we can help your business thrive!