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What is a business tax return?
A business tax return is essentially an income tax return. The return is a statement of income and expenditure of the business. Any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors, creditors of business, loans taken, and loans given are declared here. Our Houston business tax services ensure all these details are accurately captured and reported.
Who has to file a business tax return? Filing of return mainly depends on the type of business structure. For example:
- If you are a sole proprietor in Houston, your business income and your other personal income like salary, income from house property, and interest income have to be stated on the same return. Our Houston tax services can assist you in accurately filing your return.
- If your total income before deductions is above the basic taxable limit, you need to compulsorily file your income tax return irrespective of profit or loss in your business.
- For companies, firms, and Limited Liability Partnerships (LLP) in Houston, a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed. Our corporate tax filing Houston services ensure compliance with all regulations and assist in timely filing.
What are the due dates for filing returns?
- For individuals not liable to tax audit, the last date for the filing of the return is 31st July after the end of the financial year (Belated return can be filed up to 31st March subject to penalty).
- For individuals liable to tax audit and all other assesses like companies, LLPs, or partnership firms, the due date is 30th September after the end of the financial year.
The penalty for non-filing of returns:
- Any loss incurred during the year cannot be carried forward if the return is filed after the due date of filing income tax return. Our business tax return preparation services in Houston help you avoid these penalties and ensure your business is compliant.
Contact our team and see the many benefits of having a Certified QuickBooks ProAdvisor on your team! We offer professional tax return services in Houston that ensure compliance and efficiency. Our experts provide business tax return Houston services that cater to all your tax needs.
