Business Tax Forms and Due Dates to be Filed:

– Form 1120S S Corporation Tax Return due by March 15 or the 15th day of the third month following the end of its tax year
– Form 1120 and 1120A for C Corporation Tax Return due by March 15 or the 15th day of the third month following the end of its tax year
– Form 1120ES estimated tax payment coupons if the corporation will owe over $2,500. Due dates are April 15, June 15, September 15 and January 15.
– Form 1065 Partnership Tax Return due by April 15 or the 15th day of the third month following the close of the partnerships fiscal year
– Form 1120H Home Owners Association due by the 15th day of the third month following the end of its tax year.
– Form 990 Tax Exempt Organizations. If gross receipts and assets are less than $100K and $250K respectively, you can file a Form 990EZ. If receipts are less than $25K no filing is necessary.

Business Tips for Surviving an IRS Audit:

– Don’t ignore the audit notice or the next piece of correspondence you receive could be a bill.
– Supply exactly the information that the notice is asking for – don’t show other items as this could raise additional questions.
– Organize your records so the auditor can find everything quickly and easy.
– Replace missing records. An auditor won’t skip items just because you can’t find your documentation and it is your responsibility to prove the deductions.
– Stay on point and keep your answers short preferably with a yes or no. There is no point in chatting as this could raise additional questions.
– Know your rights and try to settle any difference sat the audit. If this can not occur, you can request a conference with the IRS Appeals Division.
– I always recommend you hire a tax advisor to go instead of you. He/she has the knowledge and will not be emotional during the testimony.

Starting a New Company? Why You Need a Business Plan:

A business plan is your roadmap for success. It is necessary to understand how, what and where your company will go. Before writing a business plan for a new business venture, consider and research the following issues:
– What makes your product or service special and what need does it fill?
– Who are your potential customers and what will make them purchase from you?
– How will you market your product or service?
– Where will you get the capital to start your business?

Anticipate Your Exit When Choosing the Right Corporate Structure:

Choosing the right corporate structure isn’t just about minimizing your current tax burden; it is also about looking ahead at your exit strategy. If, for example, you anticipate a public offering or merger, it will be most tax effective to do so as a C Corp. If you anticipate selling the business outright, an S Corp or LLC is the better vehicle because buyer typically prefer (for tax and liability reasons) to structure the deal as an asset sale. The sale of assets under a C Corp is taxed twice while the owner of a pass-through entity like S Corp or LLC will only have to pay individual capital gains tax. LLC’s are the best if your strategy is to dissolve the entity as the distribution of the property to its members is not recognized as a taxable event.

Tips on How to Launch a Business and Get it Right

Tips on How to Launch a Business and Get it Right
– Start a Business You Will Enjoy: look to you hobbies, interest and talents for ideas.
– Develop Ways to Attract Clients: there are many ways to attract new clients such as: print a flier, get involved in local clubs and other networking opportunities, prepare a direct mail piece, teach a class or free seminar and investigate advertising alternatives.
– Check-out Local Zoning Laws: if you plan on having a home based business, make sure you can legally operate from there.
– Develop a Big Biz Image: even if you are working from your house, make all your presentation information impressive and professional looking.