Business Tax FAQ

Frequently Asked Questions About Business Taxes

If you own a business, make sure you are taking the right steps to properly file your business taxes and get the most possible back in return, as well as finding your way to tax credits and incentives. Below are answers to the most common questions about filing business taxes and how a CPA like Rudolph M O’Neal III can help you get the results your business is looking for. 
1040 tax document

What are business taxes?

Every business needs to file a federal business tax return to show your business’s net income and expenses. The amount of money your business earns is taxed by the federal government to help pay for public necessities.

Are all business taxes the same?

Filing your business taxes depends on the type of business you are. Sole proprietorship or single-member LLC businesses use a Schedule C form and can file their business tax returns as part of their personal tax return. For partnerships or multiple-member LLCs, a partnership return needs to be filed, as well as a Schedule K-1 for each partner or LLC member.

What information should I include in my business tax returns?

Your business tax return should feature your business’s net income for the past year and a balance sheet. You’ll also need to include records of business purchases and business deductions.

What business expenses can be deducted?

Typical business tax deductions include the purchase of vehicles, computer software, advertising costs, club dues, health plans, uniforms, and tools. Very few legitimate business expenses will fail to meet the criteria for deduction. There may, however, be some limits to the amount you can deduct. A CPA like Rudolph M O’Neal III can help clarify business tax deductions for you. 

If I’m self-employed, do I need to file business taxes?

Yes, though if you are a sole proprietor, partner, or member of an LLC, you’ll need to pay self-employment taxes for Social Security and Medicare in addition to business taxes.

If my business didn’t make a profit, do I still need to file business taxes?

Yes, it is required of every business to prepare and file a tax return, whether they turned a profit or not. The good news is that there may be credits on your personal tax return as a result of your business taxes.

What do I need to file business taxes?

You’ll need to bring all relevant business records and receipts, as well as the previous year’s tax returns, and personal identification. In addition, you’ll need the right form for your business tax filing.

How can Rudolph M O’Neal III help with your business taxes?

Rudolph M O’Neal III knows the ins and outs of business taxes, including how to find specific deductions and credits that can help you save money. Rudolph M O’Neal III will help you prepare and file your business tax return in the proper fashion with no mistakes.

Contact Us Today!

Navigating business taxes can be confusing and mistakes can be easily made. Make sure you’re getting the maximum return and saving money by having your business tax return prepared expertly by a tax consultant like Rudolph M O’Neal III, CPA LLC. Call us today to schedule an appointment for our business tax preparation services.

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