Business Tax Preparation

You can report all of your business income & expenses on a Schedule C with your personal income tax return. If you have more than one business, you’ll need to report each one on a separate Schedule C.

• Schedule C
• Schedule E (Rentals & Royalties)
• Form 1099-Misc
• Form 1099-NEC
• Beneficial Ownership Information Report (BOI)

An S Corporation is similar to a C Corporation in that corporate income passes through its shareholders. All income and losses are reported on the personal tax returns of the shareholders. 

• Form 1120-S
• Schedule K-1
• Schedule E, Part II
• Beneficial Ownership Information Report (BOI)

An LLC can be treated as one of 4 different types of entities, depending on how it was formed. If you are an LLC in Texas, you’re required to file a Texas Franchise Return.

• Schedule C, E, or K1
• Form 1120 or 1120-S
• Form 1065
• Form 1099-Misc, 1099-DIV, or 1099-NEC
• Beneficial Ownership Information Report (BOI)

Partnerships do not pay taxes. The net income, tax credits, & other tax items are passed to each of the partners. Partners receive a report of their share of items on a Schedule K-1. They’ll then report that information on their individual tax return.

• Schedule K1
• Form 1065
• Schedule E, Part II

Charities & other not-for-profit organizations will need to report income, expenses, & balance sheet information. Employees of a Nonprofit will still need to report their income on their individual tax return.

• Form 990

The Corporate Transparency Act (CTA) requires the disclosure of the beneficial ownership information (BOI) of certain entities from people who own or control a domestic or foreign company including corporations, limited liability companies (LLCs) or any similar entity.

Penalties for failing to file an annual BOI can include criminal & civil penalties of $500 a day, up to $10,000, & up to 2 years of jail.