Are you a small business owner but unsure about what type of return you need to file? We can help provide some guidance about what type of return and/or schedules you may need to file. You might already know all this stuff but others do not, so please bear with us as we run through some small business tax preparation scenarios.
|
Entity |
Tax Return |
Form |
|
Self-employed, DBA, Sole Prop, 1099 |
Schedule C, Individual Return, Personal Taxes |
1040 & CA 540 |
|
Single Member LLC |
Schedule C, Individual Return, Personal Taxes |
1040 & CA 568 |
|
Multi-Member LLC, Husband, and Wife |
Community Property State - Schedule C, Jointly Filed Individual Return or Partnership Return Common-Law State - Partnership Return |
1040 or 1065 & CA 568
|
|
Multi-Member LLC |
Partnership Tax Return |
1065 & CA 568 |
|
General Partnership, LP |
Partnership Tax Return |
1065 & CA 565 |
|
C Corp or PC |
C Corporation Tax Return |
1120 & CA 100 |
|
S Corp Election |
S Corporations do not exist. Rather, an underlying entity, such as LLC or C Corp, elects to be taxed as an S Corp, therefore, a corporation tax return is filed. |
1120S & CA 100S |
If you fall into the Schedule C, Individual Return category, your pricing structure will be found under Personal Taxes, which can be found by clicking here. If you are a multi-member LLC, C Corp, PC, and taxed as an S Corp, you will need to view our Corporate taxes page, which can be found by clicking here. We also offer bookkeeping services if you want to shift the burden of your small business bookkeeping to our shoulders.
As a sole proprietor, the following benefits will apply:
| Employer Identification Number (EIN) | Yes, but under your SSN |
| Bank Account | Yes |
| Process Payroll | Yes, provided you have an EIN, and only for employees, not for yourself |
| 401k, SEP IRA | Yes |
| S Corp Election | No |
| Tax Rate | 15.3% self-employment tax on net income + individual tax rate |
| Ability to Deduct Expenses | Yes, same as any other business. |
| California Franchise Tax | No |