Leave the busy work to us. Here at Balanced Equation, we know tax law, and we make tax filing simple for our clients. Plus, it’s our goal to earn you the most returns — we always keep your best interests in mind. We can file all of the following taxes on your behalf:
Individual Tax Returns
If you have to file an individual tax return, you can count on Balanced Equation. We make individual tax filings easy. We can file individual tax returns, joint tax returns (with your spouse), and tax returns for any dependents in your household. Here are some of the documents that you’ll need to provide so that we can file your tax returns.
- W-2s: If you aren’t self-employed, your employer will provide you with a W-2 form that includes income information for the last year. This is one of the most common forms required to file individual tax returns. If you haven’t received a W-2 for the last year, reach out to your employer — employers are required to provide W-2s to their employees by January 31 for the previous year.
- 1099s: 1099s are forms that are specifically for contracted work, and for other forms of profit. For example, if you performed work under a contract, and if the sum of all of the contracted work you performed for an employer was over $600 in the last year, then you’re required to file a 1099 form or forms. 1099s can include income information from employers, sources of interest, dividend providers and more.
- Income from investments: If you received income from an investment, you should file a 1099 form to cover your interest gains. 1099-INT forms are required for investment income.
- Income from previous tax refunds: Your state and local governments should provide you with a 1099-G form for any refunds that you received last year.
- Income from businesses: If you own a business, or businesses, you’ll have to record all profits that you receive in a 1099 form.
- Income from unemployment: Similar to state and local tax refunds, you’ll have to file a 1099-G form for any unemployment payments you’ve received over the last year.
- Income from rental properties: Depending on your situation, you may have to file a 1099 form for income obtained from a rental property or properties.
- Social security income: If you received financial support from social security, you’ll receive an SSA-1099 form which you’ll have to file with your return.
- Other sources of income: You should file a 1099-MISC for other sources of income, including profits from gambling, or income from jury duty. 1099-MISC forms cover a vast variety of non-traditional income sources.
Sole Proprietorship Taxes
If you operate a sole proprietorship, you have to pay taxes for your business along with your personal tax returns. The IRS requires that sole proprietor operators file a variety of forms, if they’re applicable. You may be liable to pay any of the following taxes:
Income Tax: You’re required to pay taxes on earnings that you’ve pulled in through your sole proprietorship.
Self-Employment Tax: Self-employment taxes are taxes that are required specifically for those of us who own and operate their own businesses. Whether you’re a freelance worker, an independent worker, or a home-based business owner, you’re still required to pay social security and Medicare taxes.
Estimated Tax: Sole proprietors may have to pay estimated taxes every quarter to cover taxes that aren’t subject to withholding. In certain instances, sole proprietors must pay estimated tax payments based on their projected tax liability. If you were required to pay more that $1,000 in taxes last year, it’s likely that you’ll have to pay estimated taxes this year.
Unemployment Tax: If you’ve hired employees, you’ll have to pay unemployment tax. Fortunately, you don’t have to pay federal or state unemployment tax on personal income.
Excise Tax: Depending on the products or services that you provide, you may be required to pay an excise tax. For example, companies which provide indoor tanning services are required to pay excise taxes for their services.
LLC Tax Returns
If you operate a limited liability company, you’re required to file one of the following tax returns:
Form 1040: 1040 forms are for single-member LLCs. LLC operators are required to form schedule C, E, or F forms for their LLC, depending on the type of business being conducted, and the types of profit being earned.
Form 1065: If you operate a partnership LLC, then you’ll have to file a 1065 form. 1065 forms are unique for multi-member LLCs.
Form 1120/1120S: If you operate a C-corporation LLC or an S-corporation LLC, you’ll have to file a 1120 form. S-corporation limited liability companies file 1120S forms.
Partnership Tax Returns
As we just mentioned, partnerships are required to file 1065 tax forms. In addition, partners must file K-1 forms which outline income, credits, and deductions for the previous year. Partners also must file state and personal tax returns as they normally would.
S-Corporation Tax Returns
S-corporation owners must file a variety of tax reports, including some quarterly and annual reports. We’ll help you to file all of the right reports, at the right time. Your S corporation may have to file forms 940, 941, 1120S, and K-1.
In addition, if you’re debating between forming an S corporation or a C corporation, we can help you to decide on the most beneficial option for your tax purposes.
C-Corporation Tax Returns
Like S corporations, C corporations must file forms 940 and 941. In addition, they must file a 1120 form, and they may have to pay franchise taxes to the IRS. C-corporation operators must file some quarterly and some annual reports.
Count on Balanced Equation
Regardless of your tax situation, Balanced Equation can help. Filing tax returns can be confusing and time consuming, and when performed incorrectly, they can be unnecessarily costly. We take all of the guesswork out of filing your taxes, and we strive to reduce your tax costs, while improving your returns. Get started today. Give us a call.