Silver Spring, Maryland
8736 Flower Ave, Suite B
Silver Spring, MD 20901

Business Tax Filing: Silver Spring’s Income Tax Prep Experts Talk Options July 22, 2016

Silver Spring, Montgomery
Business Tax Filing: Silver Spring’s Income Tax Prep Experts Talk Options , Silver Spring, Maryland

The way a business pays its income taxes depends heavily on its structure. There are several types the IRS, state, and local tax authorities look at for certain filings and calculations. The professional income tax prep team at ZP Tax in Silver Spring, MD, knows all the rules and regulations for businesses to ensure compliance.

Here are the different types of business structures and how their income tax returns are generally filed:

  • S Corporation: This type of entity requires shareholders to pay income taxes on their individual share of the profits and losses from the business. Corporate income tax filings are typically not required. Filers must use the IRS form Schedule K-1 to complete their returns for the previous fiscal year.
  • income tax prepLimited Liability Company (LLC): Businesses with this organizational structure protect their owners from personal liability for business debts, claims, and lawsuits. The LLC generally doesn’t pay income taxes, but the owners must do so on profits and losses on IRS form Schedule C. A partnership LLC uses IRS form 1065.
  • Corporation: Like the previously mentioned business structures, the owners of a corporation are required to pay income taxes on profits and losses using IRS form 8832. One exception is the C corporation, where the income is taxed prior to any dividends or other distributions.

When it comes to tax filing, businesses have more complexities than individual filers. ZP Tax is your source for expert income tax prep work that emphasizes accuracy and compliance. The firm provides a range of business tax preparation services for corporations, LLCs, sole proprietorships, non-profits, and other types of companies.

Whether you need expertise with the filing of delinquent returns, prior year returns, or amended returns, ZP Tax is 100% committed to exceeding your expectations for thorough business income tax prep.

To schedule an appointment to discuss setting up a new business structure or if you have questions about your current business, call ZP Tax today at (301) 587-4829. Visit their website to learn more about the wide range of income tax prep services to keep you on track.

Other Announcements, Events and Deals from ZP Tax, Inc.
3 Tax Help Tips to Get a Good Start on Next Tax Season, Silver Spring, Maryland
While it may seem like it was just yesterday that you filed your 2016 taxes, ZP Tax recommends getting ahead of the game and embracing tax preparation solutions for next year. As an more
Tax Education Experts Share 3 Commonly Overlooked Deductions, Silver Spring, Maryland
No one wants to pay more than their fair share in taxes, so of course, you'll want to claim every deduction you're entitled to. You might be surprised to learn that, every year, more
Think Taxes Don't Affect Your Stock Investments? Get Tax Help Today!, Silver Spring, Maryland
Tax season brings new confusion to many investors, but with the right tax help, filing can be simple. ZP Tax in Silver Spring, MD, can help reduce the stress of filing taxes and more
When Should You Hire a Tax Preparation Professional? , Silver Spring, Maryland
Every spring, millions of Americans rush to find a tax preparation professional to help meet their filing deadlines, only to find most accountants and financial services companies more
When Is the Best Time to Start Your Tax Preparations? , Silver Spring, Maryland
On your list of fun activities, it’s likely filing income tax returns didn’t make the cut. With a bit of time and planning, getting ready for tax preparation season doesn’t have to more