What Tax Forms Do I Use to File My Business Return in Utah?

If you have decided to simplify your business structure into a sole proprietorship then you are in luck. When it comes to dealing with the paperwork and tax filing requirements, these tend to be far simpler to handle, as compared to any other type of business.

In such instances, you would normally report your business income and expenses on a Schedule C tax form, which you would file with your Income Tax Return Form 1040. Those who have had their businesses incorporated as a C corporation will have to file a Form 1120.

This form is a little bit more detailed than a Schedule C, as it requires you to answer more questions and thoroughly detail your balance sheet information as well. If your business is formed via partnership, then you will need a Form 1065 to file your tax returns. Meanwhile, nonprofit organizations, such as charities will file a Form 990 to report income, expenses and balance sheet information.

Can I Handle My Own Taxes In Utah?

In the state of Utah, it is every resident’s legal obligation to file your tax returns each year to come up with a final estimate of your tax deductions. You can always try to handle doing your taxes if you have enough experience doing so before.

Alternatively, you can opt to use an online tax prep software app to help you accomplish this. However, whether or not you can successfully pull it off tends to vary on the business type, its complexity, and your overall tax experience in Utah.

You will need to examine the tax forms that are fitting for your business and figure out what information you need to fill those forms out and where you can get it. Most of this can be found in documents and forms such as your financial statements, balance sheets, income statements, employee payroll, etc.

However, if you are not too experienced in dealing with business tax information, then getting help from a business tax professional is probably the best. It can be valuable to get tax advice on an ongoing basis, throughout the year and not just before tax time. This will help keep your tax liability as low as possible.

How Often Should Utah Businesses File Income Taxes?

Businesses are only responsible for filing an income tax return on earnings once a year, but the return due varies from company to company, as it depends on the structure under which the business operates. Moreover, you have to take into consideration that aside from income taxes, businesses tend to have other tax requirements as well.

However, when it comes to general due dates, the deadline for a sole proprietorship or partnership is April 15. If the fiscal year ends any other time, then your tax return will be due on the 15th day of the 4th month after the end of the fiscal year.

You should also keep in mind that you might also be able to reduce the amount of tax that you need to pay - and get a refund of previously paid taxes - by taking tax deductions provided in the tax code. Additionally, you might have made some extra income in the year of which you are lawfully bound to report. In such a case, you would then owe the IRS more than you've already paid.

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