Chicago Tax Preparation
GLG Accounting is a premier firm for Chicago tax preparation, and we have spent years putting together the best team of corporate accountants.
That’s why many businesses have chosen us for all their accounting needs.
Corporate accounting far from easy. If it were, then everyone in the industry would do it. New regulations implemented every year, and it can be hard to keep up with all the changes. The labor laws are more complex now than they ever have been, and keeping up with current regulations can be difficult. This is why many corporations want to find an experienced accounting firm.
Preparing a Corporate Tax Return
The documents you need for filing your taxes will depend on your business structure and how you pay your people. You may also need to file a personal tax return, but it will depend on what type of business you’re in.
If you’re an LLC, and you pay yourself a salary, you must list it on Form 1040 (which is your personal tax return). Some companies are “pass-through,” where the profit or loss is transferred to the owner. If that’s the case, you must report this figure on your personal tax return.
Schedule C will list any deductions and dividends, as well as any profits or losses. It will show any operating expenses, and it will include any mileage traveled for business meetings, lunches, and other types of business travel. To file Schedule C, you must have an Employee Identification Number (EIN), which you can get from the IRS.
You will also need Form 1120, which is your corporate tax return. You will need to have some basic information about your company, including your EIN. The form will list any deductions, as well as any compensation paid to your employees, officers, and board of directors.
Other schedules may also be required, and it will depend on how your business is structured. Schedule A will list the cost of any goods sold, and Schedule K lists information about your company (such as the type of business and your accounting system).
If you’re a partnership, you will also have to file Form 1065. The IRS doesn’t require partnerships to report their income, but any profit or loss must be reported on the partners’ tax returns.
Reporting Employees and Independent Contractors
If you have employees and contractors, you will need to file some other forms as well. This includes W-2’s and W-3’s, which must be sent to the Social Security Administration if Social Security and Medicare was withheld. You must also electronically file Form 944, which is for federal unemployment taxes.
If you paid more than $600 to independent contractors, you must file Form 1099-MISC for each one. You may also have to file this form if you paid more than $10 in royalties or broker payments.
Every one of these forms has their own deadlines, so it’s important to know them. Be sure to speak to a tax professional for more information about these forms and whether you need to file them. A tax professional will also be able to advise you on other tax matters. That way, you can always stay in compliance with current regulations.
Experts in Chicago Tax Preparation
GLG Accounting has developed a reputation for being experts in Chicago tax preparation, and our CPA’s continue to deliver quality service to our clients. We’re here to help companies make the most out of what’s in front of them, and this vision has allowed us to become the preferred choice for many people in the Chicago area.
Some of our Chicago tax preparation services include but are not limited to:
- ASC 740 Tax Provisions
- DPAD – Section 199
- Federal and State Payroll Taxes
- Mergers and Acquisitions
- Payroll Tax Reporting
- Tax Credit Incentives
- Tax Return Preparation and Filing
Our team has a diverse set of skills, so we can help you with many other tax services. We hope you will see us as your “one-stop shop” for all your accounting and taxation needs.
If you want more information about our Chicago tax preparation services, get in touch with us today!