With tax season upon us, here are some important dates to remember:
1. Business taxes are due 3/17/20 for those companies that file as an LLC or corporation.
2 4/15/20 for individual returns
If you are unable to meet the filing deadline, you can file an extension for an automatic 6-month filing period extension.
As a result of the tax law changes from 2017, small businesses should determine if they qualify for the 20% deduction of net business income. This deduction would appear on a personal tax return as this deduction is available to pass-through entities such as LLCs, sole proprietorships, partnerships, and SCorp shareholders. This deduction is not available to C Corporation taxpayers.
If you need assistance with tax preparation for your small business, please contact LFC.
Keep in mind that LFC provides additional services for small businesses and individuals such as:
1. Payroll services
2. QuickBooks setup and training
3. General bookkeeping services - weekly, monthly, quarterly, or annually
Contact number: (651) 204-6577
Set appointment: www.lfconinc.com
Set appointment: www.lfconinc.com
