Thanks for considering Colacino Tax for your entity tax preparation needs.
If you aren’t sure what type of entity you are, please read below. If you know what type of entity you are, please fill out a Business Intake Form for New Clients, as well as the fillable excel sheet (below) that corresponds to your business entity. This will provide us with your income and expenses by category totaled for the year. If you are new to us but it’s not your first year of business, please forward a copy of your last year’s tax return as well through our secure server.
BUSINESS INTAKE FORM for new clients
For business tax return preparation, please click below to fill out our Business Intake Form and submit with your tax documents. Missing information will delay the processing of your return.
Click on the link below that corresponds to your business entity to access a fillable excel sheet for you to record income and expenses for the year.
Partnership/LLC income and expense sheet
S-Corporation Income and Expense Sheet
Which business entity are you?
There are five major business entities for small business:
C-Corporation: A C-Corporation can have an unlimited amount of shareholders. Unlike an S-Corporation, the C-Corporation, itself pays federal, state, and local taxes. The C-Corporation files form 1120.
S-Corporation: An S-Corporation can have one or more shareholders, but less than 100. In contrast to a C-Corporation, the S-Corp is a “pass through” entity meaning that the profit or loss from the business is passed to its shareholders. The corporation’s shareholder’s pay tax on their portion of income on their personal returns. Form K-1, which summarizes the shareholder’s portion of income/loss is issued by the corporation to the shareholder. The S-Corporation files form 1120S.
Partnership: A Partnership is business with two or more partners. Like an S-Corp, the profit or loss is passed to the partner via form K-1. The partner files his or her portion of the income/loss on the personal return. Partnerships file form 1065.
LLC: The LLC has elements of a partnership and S-Corporation. The LLC is formed to protect its members from liability issues. If the LLC has a single member, it is treated as a Sole Proprietorship for tax purposes, and requires form Schedule C on the individual’s tax return. If there are two or more members, it can be treated as a partnership for tax purposes. LLCs can also make an election to be taxed as an S-Corp or C-Corp.
Sole Proprietorship: This is a business owned by one person and is the most simple business entity to form. The Sole Proprietor pays taxes for the business on their personal return. A Schedule C, profit or loss from a business, is filed with form 1040, individual income tax return.
Corporations
Corporations that have incorporated as a C-Corp or an S-Corp are required to file an annual tax return. According to IRS mandates, all corporations must file an annual tax return regardless of whether the corporation was not profitable during the fiscal year. A Corporate tax return must also be filed prior to the Individual (1040) tax return.
Corporate Tax Deadline: S-Corp (March 15) and C-Corp (April 15). If you cannot meet this deadline, please fill out an extension form and we will be happy to help you request a 6-month extension.
Partnerships / LLCs
Single Member LLCs: Please fill out your income and expenses here. Income and expenses for single member LLCs will be included on a Schedule C within your individual tax return (1040). You do not need to file a separate LLC tax return.
Multi-member LLCs (Partnership): Income and expenses for multi-member LLCs will be reflected in a Schedule K-1 that will be included on Form 1065 within your individual tax return (1040). You do not need to file a separate LLC tax return.