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Sole Proprietorship:

A business owned and managed by a single individual responsible for all assets and liabilities. The owner reports business income and losses on their personal tax returns.

Navigating Sole Proprietorship Filings:

Use a Schedule C (Form 1040) to report income or losses. The annual tax deadline aligns with the personal income tax deadline, April 15. Estimated tax payments should be made quarterly if you owe tax of $1,000 or more. You can apply for an extension using Form 4868.

Tax deadline: April 15, 2024

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Partnership:

A business structure where two or more individuals manage and operate the business. Both partners share in the profits and losses of the business.

Mastering Partnership Tax Returns:

Partnerships must report income, deductions, gains, losses, etc., using Form 1065 OR apply for an extension using Form 7004. The deadline for partnership tax returns is March 15. Each partner will receive a Schedule K-1 detailing their share of the partnership’s taxable income.

Tax deadline: March 15, 2024

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C Corporation:

A standalone legal entity owned by shareholders, offering protection against personal liability. Corporations are taxed separately from their owners.

C Corporation Tax Compliance Made Simple:

Corporations use Form 1120 to report their income, gains, losses, deductions, and credits. The deadline for most corporations is April 15. However, corporations with a fiscal year-end may have varying deadlines. A C corporation can file for an extension using Form 4868.

Tax deadline: April 15, 2024

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S Corporation:

A corporation that elects to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes.

S Corporation Filings Demystified:

S Corporations must file Form 1120-S, an income tax return. The deadline is March 15, but S corporations can apply for an extension via Form 7004. Shareholders will report the flow-through of income and losses on their personal tax returns.

Tax deadline: March 15, 2024

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Limited Liability Company (LLC):

A hybrid of a corporation and a partnership or sole proprietorship, this entity provides limited liability protection to its owners, with pass-through taxation.

LLC Filing Essentials:

LLC filing requirements depend on tax classification. Most single-member LLCs will use Schedule C, while multi-member LLCs file Form 1065, similar to a partnership. LLCs that qualify as an S corporation or C corporation will file according to their respective rules (see above). Deadlines vary based on classification.

Single-member LLCs: April 15, 2024

Multi-member LLCs: March 15, 2024

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International Business:

A business that engages in international trade or has operations in multiple countries.

Tax Blueprint for International Businesses:

International businesses must be aware of and adhere to tax regulations in the U.S. and the countries where they operate. Forms and deadlines can vary greatly, so consultation with a tax expert is recommended.

Tax deadlines may vary.

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