Services
Business tax returns for corporations and partnerships
Corporate and partnership returns prepared from clean books, with planning before December so the return holds no surprises.
- Who this is for
- What is included
- Washington business taxes
- What we need from you
- Planning before December
- What it costs to start
- Questions
Who this is for
Business owners whose company files its own return: partnerships and multi member LLCs filing Form 1065, S corporations filing Form 1120-S, and C corporations filing Form 1120. If you are not sure which one your business is, that is a good first question for the call.
It also fits owners whose business return has always been a last minute rush, or who changed how the business is set up and want the first return under the new structure done properly.
What is included
- Return preparation. Your federal business return and the K-1s that go to each owner, prepared from reconciled books.
- Tax planning. A look at the numbers before the year closes, when a decision about an equipment purchase or owner pay can still make a difference.
- Compliance oversight. A calendar of what the business files and when, so estimated payments, information returns and state filings do not slip.
- Filing support. Electronic filing, confirmation that the return was accepted, and help with any follow up letters.
Washington business taxes
There is no state income tax on business profits in Washington today, but most businesses here owe the business and occupation tax, called B&O. It is a tax on gross receipts, which means it is figured on what you take in, not on profit, and costs are not deducted from it. It is reported on the excise tax return through the Department of Revenue's My DOR system, along with sales tax if you sell retail. Keeping those returns consistent with your federal return is part of the work.
What we need from you
Your books through year end, or access so we can close them. Last year's business return. Loan statements, fixed asset purchases and sales, and owner contribution or distribution records. Payroll reports if you have employees. If the books are not ready, cleanup comes first, and we will tell you that on the call rather than guess.
Planning before December
The return reports what already happened, so the decisions that change it happen earlier. In the fall we look at your year to date numbers together. Is a big equipment purchase better this year or next? Are estimated payments on track? Is owner pay set up the way it should be for your entity type? A short planning conversation in October or November usually does more good than any amount of work in March, and it means the return itself holds no surprises when it is time to sign.
What it costs to start
Business returns are priced by entity type, the number of owners, and the condition of the books. A partnership with clean monthly books costs less to prepare than a corporation catching up on a year. We quote after looking at last year's return. You get a fixed quote before anything starts.
Questions about business tax returns
When are business returns due?
Partnership and S corporation returns are due on the 15th day of the third month after the tax year ends, which is March 15 for a calendar year business. C corporations are due on the 15th day of the fourth month, which is April 15 for a calendar year. Extensions are available.
Do you prepare the owners' personal returns too?
Yes. When the same team prepares both, the K-1 from the business return flows straight onto the owner's personal return without a handoff.
Should my LLC be taxed as an S corporation?
Sometimes it saves money and sometimes it adds cost and paperwork for little benefit. It depends on your profit, your payroll and your plans. It is a good topic for a planning conversation before year end.