Get the free 2017 Business Tax Return - Ashland Income Tax

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How to fill out 2017 business tax return

How to fill out 2017 business tax return

1. Step 1: Gather all necessary financial documents such as income statements, expense records, and receipts.
2. Step 2: Determine the appropriate tax form to use based on your business structure (e.g., Sole Proprietorship, Partnership, Corporation).
3. Step 3: Fill out the basic information section, including your business name, address, and Employer Identification Number (EIN).
4. Step 4: Report your business income by filling out the appropriate sections. Include information on gross receipts, sales, and any other sources of income.
5. Step 5: Deduct allowable business expenses, such as rent, utilities, office supplies, and employee salaries. Be sure to keep proper documentation for these expenses.
6. Step 6: Calculate your net profit or loss by subtracting your total expenses from your total income.
7. Step 7: Determine if you are eligible for any tax credits or deductions specific to your business type. Fill out the relevant sections accordingly.
8. Step 8: Complete any additional schedules or forms required for your specific business situation, such as depreciation or self-employment taxes.
9. Step 9: Review and double-check all the information filled out on the tax return for accuracy.
10. Step 10: Sign and date the tax return, and make a copy for your records. Submit the return along with any required payments to the appropriate tax authority.

Who needs 2017 business tax return?

1. Business owners and entities who generated income or operated a business during the 2017 tax year need to file a business tax return.
2. This includes Sole Proprietors, Partnerships, Limited Liability Companies (LLCs), S Corporations, and C Corporations.
3. Even if the business did not make a profit or had no activity during the year, filing a tax return may still be necessary to fulfill legal requirements or claim certain deductions or credits.
4. It is important to consult with a tax professional or refer to the IRS guidelines to determine the specific filing requirements based on the type and size of the business.

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