Business tax planning and preparation

 

Business tax returns: Schedule C, 1065, 1120S

Depending on your business structure, you may have to file a separate business return usually due one month before your personal. Our firm can help you with the following:

  • Sole Proprietorships

  • Partnerships

  • S Corporations

  • Limited Liability Company (LLC)

If you need more time, we can also e-file extensions for your business.

 

Employment tax returns: 94x series, TWC, W2/W3

Does your business have employees here in Texas? You are required to file monthly or quarterly payroll reports to the IRS and Texas Workforce Commission. Here’s a list of payroll tax returns we can help you with:

  • 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return

  • 941 Employer’s Quarterly Federal Tax Return

  • 944 Employer’s Annual Federal Tax Return

  • TWC Texas Unemployment Tax

  • W-2 Wage and Tax Statement

  • W-3 Transmittal of Wage and Tax Statements

  • 1099-MISC Miscellaneous Income

  • 1096 Annual Summary and Transmittal of US Information Returns

  • Amended returns for any of the above

 

Texas sales and use tax

Texas sales tax reports need to be filed monthly, quarter, or annually depending on how you were set up and the amount of sales tax you normally collect. We can also help you apply for a sales tax permit, file your sales tax reports, and figure out whether you need to collect sales tax and which jurisdictions will apply.

 

Texas franchise tax

If you have a corporate entity structure such as an LLC, LLP, or corporation formed or doing business in the state of Texas, you are subject to a privilege tax of around 1%. This can be calculated under three different methods:

  • Cost of Goods Sold

  • Compensation

  • Revenue less $1 million

We can figure out which is most beneficial for you to file, and if your company make less than $1MM, we just need to file a No Tax Due Report. If you’ve lost your franchise tax status, we can help get your company reinstated again.

 
 
 

FOR businesses

Preceding Point offers a variety of services for small businesses including bookkeeping, tax preparation and planning, financial coaching, payroll, and business formation.