TAX PREPARATION

Tax preparation services are often more expensive than do-it-yourself options, but if you have very complex taxes, going to a tax prep expert is the best decision. 

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Most households with an income are required to file taxes every year, which is why it’s important to have a plan to put your tax return together by the due date every April.1 While many Americans choose to do their own taxes using tax preparation software (or manually), the easiest way to do your taxes is to having someone else take care of the math and paperwork for you. This is the benefit of using tax preparation services. G&B Tax Services focuses on assuring that our clients fully understand the complex world of taxes.

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Form 940

What it is: Form 940 reports annual Federal Unemployment Tax Act (FUTA) tax.

When employees are let go for reasons beyond their control, they receive unemployment insurance. As an employer, you pay into this program and Form 940 determines the amount you contribute. You only need to submit Form 940 once a year, but you need to pay your FUTA tax payments quarterly.

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Form 941/Schedule B

What it is: Form 941, also known as Schedule B, reports how much federal income tax and payroll taxes you’ve withheld from employee paychecks. Form 941 must be filed on a quarterly basis. This form is only required for businesses with employees.

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Form 1099

What it is: Send Form 1099 to your independent contractors; this form reports how much you paid them for their services within the tax year.

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Form W2

What it is: Send Form W2 to each of your employees; this form reports their annual wages and the amount of taxes withheld from their paychecks. As a small business owner, you’re responsible for issuing W2 forms to your employees no later than January 31 and submitting copies to the IRS.

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Form 1065

What it is: Form 1065, also known as the U.S. Return of Partnership Income, declares business income or loss. If your business is a partnership or a limited liability company (LLC), you’ll file Form 1065 each year to declare profits, losses, deductions, and credits.

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Form 1120

What it is: Form 1120, also referred to as the U.S. Corporation Income Tax Return, reports corporate income or losses. If your business is classified as a regular corporation, you are required to file Form 1120 each year.

 

Schedule SE

What it is: Schedule SE calculates the Social Security and Medicare tax (SE tax) that self-employed individuals need to pay. If you’re self-employed, you need to file Schedule SE.

 

Depreciation

Depreciation refers to the loss of an item’s value over the course of its life. For example, let’s say you bought an all-in-one printer three years ago. Today, it is worth less than its original purchase price due to its age, daily wear, and the possibility that it is now obsolete. Depreciation allows your business to write off the loss of that value.

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Whether you have any of the following forms: we are here to help!

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1040, 1041, 1065, 1120, 990

Are you an individual filing for you and your family?

https://www.irs.gov/individuals 

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Are you self-employed:

https://www.irs.gov/businesses

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