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BOLDER LAUNCH SERVICE

Federal Corporate Tax Filing US 

The US tax regulations require all businesses in the United States to file taxes annually irrespective of whether the business turned a profit during the fiscal year. Bolder Launch can assist you with the corporate tax filing requirements for the Corporation, as well as the Income tax returns for partners in an LLC or LLP.

Corporate Tax Return (Small Enterprise)

$1200

Corporate Tax Return (Medium-sized Enterprise)

$1500

Note:  As mentioned above, most partnership and corporation tax returns can be prepared at around $1,200 and $1,500. Having said that, if you maintain your own financial records or accounting books, our experience shows us that an extra 3-5 hours will be required to properly prepare your business tax return. Specifically, most errors center on general balance sheet issues, retained earnings, and payroll.  Large enterprises, with over $1 million turnover, or more than 5 staff members, and/or subsidiaries, can request a specific quote for our tax filing services.  

Filing your corporate tax return in the United States 

As an entrepreneur, you might have experience with the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. 

The level of intricacy in corporate tax return filing requirements, in combination with frequent updates on tax regulations, make it quite complex and time-consuming to accurately file corporate taxes in the US.

Did you know that generally, in an LLC or LLP, the business entity does not pay federal income taxes on its profits? Instead, the company’s profit or loss passes through to the owners’ tax returns and is subject to tax at the applicable individual income tax rate. 

Types of small business tax returns

In the United States, there are different types of Tax Returns, relevant for each type of business form that you are using to do business in the US. Below you find an overview of types of entities in the United States which require corporate tax filing (or income tax filing on a member basis) that Bolder Launch can assist you with:

EntityTax Return
Trade Names, DBAs 
Sole Props		Schedule C, Individual Tax Return
Single-member LLCSchedule C, Individual Tax Return
Multi-Member LLC 
Husband and Wife 		Community Property State– Schedule C, Jointly Filed Individual Tax Return. 

Common Law State– Partnership Tax Return. The Revenue Code is clear on this, yet most tax professionals and attorneys mess it up. It’s hard to enforce. 
Multi-Member LLCPartnership Tax Return. 
C Corp or PC C Corporation Tax Return 
December 31, 2018

Step 1: Complete our Onboarding Form

To prepare and file the correct tax return, we will need to determine your type of cooperation, and understand your activities. Some corporations can pass through tax filing through to the owner’s personal tax reporting (as is the case of the LLC or LLP).  If needed, a tax consult will be suggested as a first priority.

December 31, 2018
December 31, 2018

Step 2: Determine your turnover, tax deductions and write-offs 

For corporations, the IRS allows you to deduct all current expenses necessary for the operation of your business, as well as certain investment and real estate purchases, employee salaries and benefits, some taxes, insurance payments, and more. We can provide you with an overview of allowable business expenses. 

December 31, 2018
December 31, 2018

Step 3: Prepare the Federal Tax Return & Submit the application to the IRS

We will submit your Federal Tax Return to the Internal Revenue Service (IRS) and you will receive an assessment that will show the due taxes.  

December 31, 2018
December 31, 2018

Step 4: File your State Tax Return

You also need to file a return for any state in which you conduct business if that state requires it. Bolder Launch can assist with this, at an extra expense of $550.

December 31, 2018
December 31, 2018

Step 5: File local tax returns by their due dates

Corporations might be liable for taxes to the city, county, or regional jurisdictions. Local taxing authorities are less likely to require estimated tax payments, but it’s important to check the local rules that apply to your business.

December 31, 2018

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Frequently Asked Questions Federal Corporate Tax Filing US 

  • C corporations must file on the 15th day of the fourth month after the fiscal year’s end. That means that for C corporations whose fiscal year ends on Dec. 31, tax returns are due by April 15. The only exception to this rule is for a corporation whose fiscal year ends on June 30, which must file a tax return by Sept. 15. 
  • S corporations must file on the 15th day of the third month, which usually means that these companies’ tax returns are due on March 15. 

The IRS provides Form 7004 for companies that want to request an automatic 6-month extension to file their income tax and other returns. As with tax extensions for individuals, filing the form does not extend the date on which any payment is due. 

Missed-deadline penalties for C corporations and S corporations (if you owe the IRS) are 5% of the outstanding tax for up to five months, shifting to a different percentage thereafter, depending on the amount owed. 

Most corporations don’t need to e-file, but C corporations and S corporations must file their federal income tax returns through either approved software or a tax professional who is an authorized e-file provider. Tax professionals who want to e-file for their clients must be Authorized IRS E-file Providers or Electronic Return Originators.

Although most states require a corporation to file its income tax return on the same day that it files its federal taxes, this is beginning to change. Several states now have due dates one month or later, to give taxpayers more time to complete their federal returns, on which the state returns are based.

Not all states have the same tax filing requirements for corporations. While 44 states and the District of Columbia do have corporate income taxes, some states (namely Ohio, Nevada, Texas, and Washington) tax corporate gross receipts instead. Two states — South Dakota and Wyoming — currently have no corporate income tax or gross receipts tax.

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