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The Effects of Taxes on Businesses

Effects of Taxes on Business Entities

Most, if not all, businesses throughout the country must pay taxes on their net earnings, with the most significant being the federal income tax. Businesses, however, are subject to different rules than individual taxpayers when preparing their returns. In some cases, the requirement to file and pay tax depends on the type of entity the business operates under.

Regardless of whether you operate your business as a sole proprietor, a corporation or a pass-through entity such as a Limited Liability Company (LLC), you calculate the federal income tax the same way. Generally, the business subtracts all deductible business expenses from the total revenue it receives to arrive at its net income or net taxable earnings. But the way you allocate and report this net income is dictated by the filing rules that apply to the specific type of entity you operate.

Calculating Net Taxable Business Earnings

A key component of arriving at the business’ net taxable earnings is the deduction of business expenses. The IRS is fairly lenient when it comes to the types of expenses your business can deduct. Generally, as long as the expense is ordinary for the type of business you operate and is necessary, in that the expense is helpful to operating profitably and efficiently, then you can deduct it. Different types of businesses may have deductible expenses that are common to that industry but not to others. However, common business deductions include the rent you pay for office, factory or warehouse space, all utility bills for the property, the cost of purchasing and maintaining vehicles you use in the business.

Tax Returns for Businesses

How your business reports its net taxable earnings is governed by specific sets of rules. For example, if you operate as a sole proprietor, then you report all business activities on a Schedule C attachment to your personal return. However, if you operate a corporation, which is a separate taxpayer entirely, you must file an annual tax return on Form 1120 each year and pay the appropriate tax with it. An LLC, on the other hand, is somewhat a hybrid of both entities. However, if you are the sole owner of the LLC, you report the business earnings on Schedule C, but if there is more than one owner, you must follow the partnership tax rules, which requires the filing of Form 1065.

IRS Reference: Business Taxes