Business Tax Return in uniondale ny (646) 960-9196

 


Clients are often concerned with how to handletheir. The answer to this question is completely dependent upon how the is taxed! Business Taxes Uniondale NY.

Sole Proprietorship

 

Let’s say you are the sole owner of your in this case, you would be filing a Schedule C on your Form 1040. This Schedule is simply an addition to your typical individual income tax return (Form 1040). Many clients are sad to hear that income generated on this schedule is subject to self-employment tax. There are strategies for avoiding this additional tax.

 

Partnership or S-Corporation

 

An that has more than one member can be taxed as either a partnership or an S-Corporation. A partnership is filed on Form 1065 and is classified as a “pass-through” entity. This means that Form 1065 is simply an informational form that breaks down the income and expenses attributable to each partner. The partners then report their allocable income and expenses on their own individual income tax returns.

The same idea applies to the S-Corporation, except it is filed on Form 1120S. There are also other differences between an S-Corporation and a partnership. However, the S-Corporation is notorious for assisting taxpayers with cuttin down on the self-employment tax. Inquire with us as to how to go about electing S-corp status.

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