Business Tax Returns

Filing made easy, compliance made certain.

Smart filing, strategis savings

At Crescent Tax, we understand that navigating business tax returns can be complex and time-consuming. Whether you’re a corporation, partnership, or small business owner, we provide expert guidance to ensure your tax filings are accurate, compliant, and optimized for your financial success.

Schedules and attachments

Business tax returns often require additional schedules and attachments to report specific types of income or deductions. For example, corporations may need to include Schedule G (Information on Certain Persons) or Schedule K (Shareholders’ Pro Rata Share Items). We ensure that all necessary schedules and attachments are completed accurately, reducing the risk of errors or audits.

Types of business tax returns

Form 1120: U.S. Corporation Income Tax Return

Form 1120 is the U.S. Corporation Income Tax Return. This form is used by corporations to report income, gains, losses, deductions, and credits. Filing Form 1120 correctly is essential for avoiding penalties and ensuring your corporation remains in good standing. Crescent Tax provides expert assistance in preparing and filing this form, ensuring compliance with all IRS regulations.

Form 1065: U.S. Return of Partnership Income

Form 1065 is used by partnerships to report their income, deductions, gains, and losses. Partnerships don’t pay income tax directly; instead, the income is passed through to the partners, who report it on their individual tax returns. Crescent Tax helps you accurately prepare Form 1065 and the accompanying Schedule K-1, which details each partner’s share of the income.

Tax deadlines and extensions

State and Local Tax Obligations

Beyond federal taxes, businesses are often required to file state and local tax returns.

Diverse Tax Laws

Each state in the U.S. has its own unique tax laws and requirements, which can differ significantly from one another.

Tailored Compliance Support

Crescent Tax offers comprehensive support to ensure that your state and local tax returns are accurate and submitted on time.

Multi-Jurisdictional Expertise

We provide expertise across multiple jurisdictions, helping you navigate the complexities of varying tax codes.

Comprehensive Filing Services

Our team handles the entire process of preparing and filing your state and local tax returns.

Ensuring Compliance

Crescent Tax ensures that your business stays compliant with all state and local tax laws.

Tax compliance and record keeping

Maintaining accurate records is essential for tax compliance. Crescent Tax helps you organize and manage your financial records, making it easier to file accurate returns and respond to any inquiries from tax authorities. We ensure that all records are kept in accordance with IRS guidelines, protecting your business from potential audits.

Frequently asked questions

What forms do I need to file my business taxes?

The forms you need depend on your business structure. Common forms include Form 1120 for corporations, Form 1065 for partnerships, and Form 1040 with Schedule C for sole proprietorships.

When are business tax returns due?

Business tax returns are typically due on March 15th for partnerships and S corporations, and April 15th for C corporations. Extensions can be requested if more time is needed.

How can Crescent Tax help with my business tax returns?

We provide comprehensive support in preparing and filing business tax returns, including assistance with forms, schedules, and tax planning strategies.

What is the penalty for filing late?

The IRS imposes penalties for late filing, which vary depending on the type of return and the amount of tax owed. Filing an extension can help you avoid these penalties.

Do I need to file state and local tax returns?

Yes, if your business operates in a state or locality that imposes taxes, you will need to file state and local tax returns in addition to your federal return.