Strategic Tax Planning with Global Resources LLC

CHICAGO - June 7, 2016 - PRLog -- Global Resources is recognized by clients and industry experts as a premier strategic tax advisory firm offering extraordinary dimension and expertise. The tax experts at Global Resources LLC realize that filing taxes can be time-consuming and tedious, yet it is mandatory for all business owners.

When it's time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as an LLC or corporation.  Each type of entity requires a different tax form on which you report your business income and expenses. Regardless of the form you use, you generally calculate your taxable business income in similar ways.

If you're looking ahead for IRS compliance, here are some general tips for strategic tax planning from the professionals at Global Resources when focusing on the organizational side of tax planning:

1.       Gather all business records. Before filling out any tax form to report your business income, you should have all business earnings and expenses available.  It's great to utilize computer programs to organize and keep track of all transactions during the year.

2.       Find the correct IRS tax form. Selecting the correct form to report earnings depends on how you operate your business.  Small business owners who have not incorporated their business can file as a sole proprietorship which allows them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. If you run the business as an LLC and you are the sole owner, the IRS also allows you to use the Schedule C attachment. If you use a corporation or elect to treat your LLC as one, you are responsible to prepare a separate corporate tax return on Form 1120.

3.       Fill out your Schedule C or Form 1120. Be sure to use correct information and file documents properly.  After processing your paperwork, it can be quite tedious and time-consuming to make additional changes.

4.       Know the filing deadlines. When you use a Schedule C, it becomes part of your Form 1040 and therefore, no separate filing deadlines apply. It is generally subject to the same April 15 deadline. If you need to file a Form 1120, you must file it by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return.

About Global Resources LLC

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We were formed to help small and medium-size businesses maintain positive cash flow, control costs and accelerate profitable growth, allowing entrepreneurs and managers to make the most of their work and their lives. Through business analytics, consulting and strategic tax planning, we are a lifetime resource that offers business owners the freedom to grow.  For more information, visit https://twitter.com/GRAdvisers.