Small Business Tax Return Preparation
A small business tax return is needed for any business that is considered a separate entity such as a Partnership, Corporation, S Corporation or Limited Liability Company (LLC).
Our Small Business Tax Return Package offers all relevant forms, including:
- Forms 1065 (this is used to declare partnership income)
- Form 1120 (this is the form that C Corporations and LLCs filing as C-Corps need to use to file their tax return)
- Form 1120-S (this is the form that S Corporations need to use to file their tax return)
This package is offered for up to two partners. Each additional partner is $75.
Have other small business needs? We can help with that, too!
- 962 Election on 1120 Forms (this allows US individuals who have invested in a Foreign Corporation to elect the same tax treatment they would have received if they had elected via a domestic corporation doing business overseas) – $885
- Form 8865, Return of US Persons With Respect to Certain Foreign Partnerships (this form is required for US persons who are partners in a foreign partnership, or a foreign entity electing to be taxed as a partnership) – $400
- Form 5471, Return of US Persons With Respect to Certain Foreign Corporations (this form is required when a US person is an officer, director or shareholder in certain foreign corporations. This can be thought of as the “International Form 1120”)– $600
- Form 5472 – Information Return of a 25% Foreign-Owned US Corp (this form is required if your US company has a non-US owner that owns 25% or more of the company or you have a foreign company doing business in the USA) – $215
- LLC Form 5472 – Corporate Return for US LLCs with Foreign Owners (this form is required if you have a US LLC owned by a foreign person or entity)– $350
Greenback always offers:
- Accuracy. Your expert accountant is highly experienced in filing all the necessary business forms and will take the workload off your shoulders.
- Expertise. Our accountants are all CPAs or IRS Enrolled Agents who work 100% with expats.
- Security. We understand how important your personal data is so we use the highest level of data encryption (same as most banks use) to protect your information.
- Simplified tax prep. Our goal is to make the filing process as easy as possible and your accountant works one-on-one with you throughout the process to ensure your complete satisfaction.
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Providing unbeatable peace of mind to expats around the world.
Small Business Tax Services & Billing FAQ
Do I need to pay estimated taxes?
You may need to make estimated tax payments to the IRS if you are filing as a self-employed individual (including a sole proprietor, partner, or S Corp shareholder) and you expect to owe $1000 or more. If you have a US-based corporation and you expect to owe more than $500, then you should make estimated payments. Also, if you had a tax liability for the previous year, you may be required to make estimated payments during the current year.
Do I need to pay Social Security or FICA taxes if I run my own business overseas?
It will depend on how your company is structured and where you are located. If you are a sole proprietorship (i.e. no business entity) or have a US-based business entity, you will most likely need to pay US FICA taxes. This would be 15.3% of your income and would apply before you can use the Foreign Earned Income Exclusion, so you may have a cash expense. If you have a foreign-based business entity, you will probably not be liable for US Social Security or FICA taxes. However, if you are in a country that has a tax treaty with the US, you need to consult the tax treaty to see how and to whom these taxes would apply. Generally, these payments would need to be made quarterly throughout the year.
How do self-employment taxes work if my country does not have a totalization agreement in place?
Unfortunately, for those who are self-employed and living in a country without a US totalization agreement, double taxation is quite common. This is due to the fact that many have to pay self-employment taxes to the US, even if they have already paid them to their host country.
If you are in a situation like this, speaking to an expat accountant is imperative. Their expertise will ensure that you are taking all possible deductions, which will limit your tax liability as much as possible.