Small businesses that have been registered as limited liability companies (LLCs) are also liable to pay taxes like any other registered business.
Taxes are a legal requirement by the Internal Revenue Service (IRS). If a business is not paying taxes proportional to its income or if they are skipping taxes altogether, such businesses can face serious consequences.
One of the biggest issues for small businesses is hiring a person to create an income tax form and fill it.
However, you can now easily get an editable w-9 form and edit it according to your needs. Here is the elaborate procedure to use templates to perform your legal duties.
1.) Get Yourself A Desktop Application
You can easily find tax template forms on online applications that deal with PDF files. However, it is more feasible to download one of such applications on your desktop.
Using a desktop version of an application is a better option mainly because you will not have to struggle to find that application every year.
Taxes are not for one-time only. You have to pay taxes regularly, mostly annually, to keep your legal status. When you have software installed on your computer, you can do every task easily.
2.) Create Your ID
After you have installed your desktop version of the PDF editor, you will be required to create a profile.
Your profile will include a name, email address, and a password. This ID will be used to sign in to your personalized space where you can manage all your documents.
You can use your personal information as well to create the ID. However, if you are doing this for business, it would be wiser to use your brand name and create a strong password.
3.) Open The Tax Form Template
When you are logged in to the application, you will be able to use all the features provided by that particular PDF editor.
For the income tax forms, you should look for form templates provided by the application provider.
Find the relevant template that fits the category of your business. These editable forms are available in PDF, however, they can be easily edited.
4.) Fill Out The Form
To fill out the form, you can search the IRS website to generate the form after putting all the financial information on it.
The form is two pages so it is easy to fill the business taxes form. The first thing you can do is to find the relevant tax form form the IRS website, download the form on your desktop.
If you miss out some information while filling in online, you can also edit the form on the application as well.
You should fill out the form with all the relevant information such as the business tenure, profits and loss in your business and so on.
Give complete and authentic information about your business. In the information, you need to include the amount of the earnings your business has per year.
You need to make sure that all details are given by you that are required in the form. You can skip parts that are not relevant to your business.
You can also attach documents and pictures in the form if asked. After filling out the forms, then you have to pay attention to the deadline for its submission.
5.) Pay Attention To Deadline
You need to beware the deadlines before the submission of the income tax forms. When you have the schedule C on your form, there will be no separate deadline for applying.
It is submitted on the same date.If you are taxed as C-corp, you need to file a form 1120 that needs to be submitted before the 15th day of the tax year.
The date for filing the form is almost 15 april before the closing of the tax year. One Thing you need to remember is that you cannot send this form to the IRS with your personal income tax return.
If you do not submit the form before the date, you may get fine for late submission.
After filling out the form, you have various options for submission. You can print the form directly from the application and submit the hard copy to the relevant department.
If you have access to the online submission of taxes, then you can directly share from the application using your business email address or the email you have used to log in to the application.
This process can save you the extra hassle of downloading the form from the application and uploading again via email to send.
Ella Marcotte
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