How to File Business Taxes for the First Time

Starting your own business and being your own boss brings a lot of responsibilities, like filing taxes, which can be overwhelming if you don’t know what to do.

Knowing how to file your taxes for the first time will help you comply with tax regulations and can even help you obtain a loan for your business, so we invite you to continue reading so that you know everything you need about filing business taxes in the United States.

What do you need to prepare the affidavit of your company?

In order to make the affidavit you will need copies of all your financial statements for the year. These include:

  • Balance Sheet.
  • Cash Flow Statement.
  • Balance of Profits and Losses.

In the same way, you must submit a list of all the owners and answer some questions, such as:

  • What products your company makes or what services it provides.
  • Which industry you belong to.
  • Which states of the American territory you do business.

These are other important forms that you will require:

  • If you are a sole proprietor or a single member LLC: Schedule C for Business Profits or Losses.
  • If your business is a multi-member LLC or partnership: Form 1065 for the LLC or partnership. Each partner must submit a Schedule K-1, together with their personal tax return.
  • If your business is a corporation: Form 1120.
  • If your company is an S corporation: Form 1120-S.

What expenses can you deduct from your taxes?

Here is a list of expenses that you can deduct from your taxes:

  • Business Insurance.
  • Office supplies.
  • Business travel expenses.
  • Computers and equipment.
  • Food (deductible by 50%).
  • Home office expenses such as services, rent or mortgage, office furniture, among others.
  • Marketing and Advertising.}
  • Telephone expenses of the company.
  • Professional fees.
  • Salary and employee benefits.
  • Conference expenses.
  • Self-employment tax.
  • Charges for preparing the tax return and bank charges.
  • Vehicle expenses.

If your business didn’t make a profit, do you still need to file an affidavit?

Yes, it will always be more beneficial for you to file your tax return. If you donā€™t owe money to the Internal Revenue Service (IRS) and you choose not to file a tax return, the IRS will not fine you.

 

Learning how to file taxes for the first time can seem intimidating, but it doesn’t have to be. As an entrepreneur, it is important that you know how to file taxes to comply with tax laws and thus avoid making mistakes.

Itā€™s up to you to choose between filing your business tax return on your own or having a professional do it for you. At Tramites de Inmigracion USA Corp we have professionals in the area who will facilitate this process, so that your tax return is carried out successfully.

Contact us at 1 (786) 776-7152 or 1 (786) 786-5088. Call now!

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