Partnership tax return due
Capstone CPA Group
by CapstoneCPAGroup
3y ago
If you have a partnership tax return (also called a 1065 return) your partnership return tax is due today March 15th for a calendar year business. If you don’t know whether you are a calendar year business or not, then you are a calendar year filer, as non-calendar year filers are very rare. Partnership returns are due for any partnership that had income of any amount in an annual period, or if you filed a partnership in a prior period, and you did not file a final return in a prior period. As we already mentioned last week, failing to file a timely partnership tax return can be very costly. T ..read more
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Partnership return due date
Capstone CPA Group
by CapstoneCPAGroup
3y ago
The days are getting longer and the feeling of winter is reluctantly melting into that feeling of spring. It must be time to file your partnership return! If you have a partnership return (also called a 1065 return) your partnership return tax deadline is March 15th for a calendar year business. If you don’t know whether you are a calendar year business or not, then you are a calendar year filer, as non-calendar year filers are very rare. As we already mentioned last week, failing to file a timely partnership tax return can be very costly. The penalty for late filing your partnership return is ..read more
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Partnership Extension
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Is it just me, or does the shortest month of the year, always feel like the longest? Maybe it is the shorter days or the bitter cold, or some combination, but I really notice a huge difference when I get to flip the calendar to March! As you probably already know a partnership return, also called a 1065 return is due on or before March 15th for the prior year return (assuming calendar year). But, did you know you can file an automatic 6-month partnership return extension using form 7004? Some people ask me, why would I bother to file an extension for a business if no tax is due? The answer to ..read more
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Company Car vs Mileage
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Every year we get very similar questions, from a variety of different businesses. In this post, we will cover the age old question, Company car vs Mileage Pros – Company car Write off the actual costs of the company car including Actual car price Any gas Any maintenance Any repairs Any insurance In many cases an individual such as an owner or employee can use the company car, and only have a small amount of compensation for the use Usually only want a company car if it is very expensive initially, or is not efficient (think large truck) or both (think large truck). Cons- Company c ..read more
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Unemployment Income
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Many clients received new and different types of income during 2020. Even if you did not already receive unemployment income, it is something you may encounter in 2021. Please keep in mind the following items relating to unemployment income: Unemployment income will be taxed. Even any federal ‘additional’ unemployment benefits are taxed, make sure you plan ahead. Unemployment income is usually not available to business owners. However, due to the pandemic, even most business owners and self-employed individuals are able to apply for unemployment income benefits. Applying for unemployment bene ..read more
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Tax Topics- LLC Tax filing
Capstone CPA Group
by CapstoneCPAGroup
3y ago
In our quest to de-mystify certain tax topics we will cover one of the stickier tax issues. The questions come in many forms- when should I file my LLC return? What tax form to use for a new LLC? What do I need to do now that I have registered my LLC with the state? LLC return due date? Interestingly enough the answer to this question is, it depends. Mostly, it depends upon how your business is treated by the federal government, and that dictates things like, when and what type of return your business should file. Background- What is an LLC? An LLC also known as a Limited Liability Company, th ..read more
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S Corporation Election
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Background- What is an S Corporation? Much like an LLC, an S Corporation does not exist at the State level, at the State level it is treated however it was initially formed. That is why, when you formed your business or had an attorney help you do so, they probably asked if you wanted to form a Partnership, LLC or Corporation. Once you form your Partnership, LLC or Corporation you may be able to make a special election to be treated as an S-Corporation for federal tax purposes. Election to be treated as an S Corporation If you have made your mind up, and want to become an S-Corporation then yo ..read more
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Grant Income
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Many clients received new and different types of income during 2020. Even if you did not receive grant income in 2020, it is something you might want to consider in 2021. Most for profit companies are not familiar with the grant process, but it works much like a loan application (but is usually more streamlined). Grants are most consistently offered through the SBA, or other large regional organizations such as your local chamber of commerce. In West Michigan, most grants have been offered through organizations such as The Right Place, The Grand Rapids Area Chamber of Commerce and the SBA (ple ..read more
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Personal property tax and Personal property tax exemption
Capstone CPA Group
by CapstoneCPAGroup
3y ago
Michigan businesses are subject to a special tax for owning property. This tax is called personal property tax. Personal property tax can be levied upon any size business, but is usually not levied until a business formally forms as a LLC, Corporation or S Corporation, or rents a business location. Most businesses are not aware of this special tax, so it comes as a surprise when they move their business to a new location or rent space for the first time and are presented with this ‘new’ tax. It is also an easy tax to overlook as the tax deadline is kind of in the middle of the tax filing seaso ..read more
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PPP Loan Part 2
Capstone CPA Group
by CapstoneCPAGroup
3y ago
We already covered in Part 1 highlights of the PPP loan changes such as loan forgiveness issues, and another round of PPP loan funds available, also called the PPP2 loan program. In this posting we will cover other topics that were also included in this legislation.  Please note this is not a comprehensive list, and we may offer other updates at a later date. Extension of unemployment benefits as a $300 per week supplement (effectively extending the prior unemployment benefits offered through March 14, 2021). Increases deductible meals deduction to 100% (from 50%) for ordinary and necess ..read more
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