A business tax return built on real numbers
A business tax return is only as good as the books behind it. When the books are not reconciled, the return is either late or built on guesses, and the owners’ K-1s and personal returns inherit the same problems. Most of the business returns we prepare start from books we keep ourselves, or from books we clean up first.
Our business tax return service covers federal returns for partnerships, multi-member LLCs, S corporations and C corporations, the matching New Jersey returns, and the owners’ K-1s. A dedicated specialist prepares the return, reviews it with you and e-files it. We work with businesses in Rochelle Park and across Bergen, Passaic, Essex, Hudson and Morris counties, and online with companies across the U.S.
Which business tax return does your company file?
The return depends on how your business is taxed, not only on what it is called.
Single-member LLCs and sole proprietors (Schedule C)
The IRS treats a single-member LLC as disregarded from its owner unless it elects to be taxed as a corporation. Its income and expenses go on Schedule C of the owner’s personal return, which we prepare as part of individual tax preparation. If the owner is not a U.S. person, a foreign-owned single-member LLC has its own filing instead, the Form 5472 filing with a pro forma Form 1120.
Partnerships and multi-member LLCs (Form 1065)
A domestic LLC with two or more members is taxed as a partnership by default and files Form 1065. Each partner receives a Schedule K-1 showing their share of income, deductions and credits. In New Jersey, the partnership files Form NJ-1065, due the 15th day of the fourth month after the tax year ends (April 15 for calendar-year partnerships). Partnerships with more than two partners and New Jersey source income may also owe a filing fee of $150 per partner (current rate), paid by the original due date.
S corporations (Form 1120-S)
An S corporation files Form 1120-S by the 15th day of the third month after its tax year ends, March 15 for most. Shareholders get K-1s, and owners who work in the business must take reasonable wages through payroll before taking distributions. In New Jersey, a federal S corporation generally files Form CBT-100S, due the 15th day of the month after the federal due date (April 15 for calendar-year companies). Corporations pay a minimum tax that depends on New Jersey gross receipts, even in a loss year. Considering the switch? Our S-corp election service explains the Form 2553 timing.
C corporations (Form 1120)
A C corporation files Form 1120 by the 15th day of the fourth month after its tax year ends, April 15 for a calendar year. The New Jersey Corporation Business Tax return, Form CBT-100, is due the 15th day of the following month (May 15 for calendar-year corporations). New Jersey requires corporation business tax returns, payments and extensions to be filed electronically.
Deadlines, extensions and penalties
- March 15: Forms 1065 and 1120-S for calendar-year businesses.
- April 15: Form 1120 and Form NJ-1065; Form CBT-100S for calendar-year S corporations.
- May 15: Form CBT-100 for calendar-year C corporations.
- Extensions: Form 7004 gives an automatic six-month extension to file most business returns. It does not extend the time to pay. New Jersey has its own extension requests, and we file them together with the federal one.
- Late filing: partnerships and S corporations that file late can owe a penalty for each partner or shareholder, for each month the return is late, even when no tax is due.
If dates fall on a weekend or holiday, they move to the next business day.
How we prepare your return
- Books first. We confirm the bank, card and loan accounts are reconciled through year-end. If they are not, we fix that before preparing anything.
- Tax adjustments. We review depreciation, owner payments, loans to and from owners, and items that are treated differently for tax than in the books.
- Owners’ K-1s. Each owner’s share is calculated and checked against the ownership records.
- Review and e-file. We walk you through the return before filing federal and New Jersey returns electronically.
Contractor payments also matter at year-end: our 1099 filing service makes sure the forms you issue match the expenses on your return.
Before and after the return
If the books are in rough shape, a QuickBooks cleanup is usually the first step, or catch-up bookkeeping if months were never recorded. After the return, most clients move to year-round tax planning so the next return holds no surprises. If you run a local company, see how we support small businesses in New Jersey, or browse all our tax services.
Business returns are priced by entity type, owners and states. Book a free review of your books and entity to get a quote.
