This starting business tax planning guide will walk you through everything you need to know to ensure that your company concludes the 2023 tax season more prepared than ever and that you obtain the credits your CPA likely missed last year.
So get out your financial docs! With these startup tax preparation tactics, we're about to ace tax season.
What Startup Tax Return Forms Do I Need?
For C-Corporations:
Form 1120 – Reports the income, gains, losses, deductions, credits, and figures of the corporation's income tax liability.
For S-Corporations:
Form 1120S – Reports the income, gains, losses, deductions, credits, and other domestic corporation or entity information for any tax year covered by an election to be an S-corporation.
Schedule K-1 – Reports the income, losses, and dividends for a business or financial entity's S-corporation's shareholders; multi-member LLCs might also use this form.
For Partnerships or LLCs
Form 1065 – Reports the income, gains, losses, deductions, credits, and other information from the operation of a partnership.
Schedule K-1 – Partnerships and LLCs give the same form to their partners to complete before filing Form 1065.
When Are Business Taxes Due In 2023?
January 2023:
Form 1099-MISC must be sent to recipients for the 2022 calendar year
Form 1099-NEC sent to IRS and contractors for the 2022 calendar year
Form 3921 sent to employees for the 2022 calendar year
February 2023:
Form 1099-MISC (paper file to IRS)
Form 3921 (paper file to IRS) for the 2022 calendar year
March 2023:
April 2023:
April 15: 2023 CA Minimum Franchise Tax payment
April 18: 2023 Federal/State Q1 estimated Income Tax payment
April 18: 2022 C Corp/Individual Income Tax Return/Extension
June 2023:
June 1: 2023 DE Franchise Tax Estimated Payment (40%, if applicable)
June 15: 2023 Federal/State Q2 estimated Income Tax payment
September 2023:
September 1: 2023 DE Franchise Tax estimated payment (20%, if applicable)
September 15: 2023 Federal/State Q3 estimated Income Tax payment
September 15: 2022 S Corp/LLC Income Tax Return (if extended)
October 2023:
October 16: 2022 C Corp/Individual Income Tax return (if extended)
December 2023:
December 1: 2023 DE Franchise Tax estimated payment (20%, if applicable)
December 15: 2023 Federal/State Q4 estimated Income Tax payment.
DONALD TRUMP'S TAX RETURNS - Explained by a US Tax Advisor
We decided to use the example of Donald Trump to talk in greater detail about the US tax returns. The former president hasn’t voluntarily released any tax returns.
After the House Ways and Means Committee voted to release six years of former President Donald Trump’s tax returns have been made public, capping a yearslong legal and political standoff. Here’s what their report revealed. Explained by a US Tax Advisor.
Key takeaways and learnings for entrepreneurs to make sure they follow the law well.
Also, see how to file your own tax returns.
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