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.
What business structure should I use for my property investment?
For the purposes of residential real estate, we recommend setting up a US domestic LLC. This is the optimum structure for small-scale foreign investors. Individual ownership is the easiest from a tax perspective but provides you no protection from legal responsibility – and your personal information will be on public record – which could prompt additional investigation into foreign transactions.
A limited liability company (LLC) is affordable to establish, easy to maintain and generally recommended to foreign investors. The best features of the LLC are the individual protection of liability, and it is also treated as a “disregarded entity” for tax purposes. Basically, this means the IRS doesn’t see it as a separate entity, and everything is taxed and reported at an individual level.
US domestic corporations are not recommended due to the double taxation that results. While foreign trusts have become popular options in recent years, trusts are being scrutinized more heavily by the IRS. If they get re-characterized by the IRS, they could end up being taxed as a corporation and that is not ideal!
Who are your accountants?
The Greenback team works virtually across the US and around the world.
This flexible structure allows us to find the most experienced accountants and professionals, regardless of where they live and also helps us to better serve Americans living abroad around the world.
We hand select only the most experienced, knowledgeable and friendly professionals for our team. Our accountants specialize in handling international tax matters and bring with them a wealth of expat accounting expertise.
Do you prepare tax returns for other countries, as well?
At this time, our accountants can provide expert tax services and advice for the US, UK, and CAN. However, we are looking into expanding our network to include additional country-specific accountants – so this may be an option in the near future. Check back with us frequently for updates!
Will I need to file state or local taxes?
States can continue to assess income tax on your worldwide income if they determine you are still a resident. Also, select states will require a tax or fees paid for certain businesses established within the state or if properties are held in an LLC or similar structure. It is best to speak with a tax advisor before buying a property to ensure you fully understand all the state tax requirements if you plan to move abroad or live abroad currently.
Read more on your state’s income tax requirements on their official government website – click here to view the state government site list.
How can I pay for my US expat tax services?
We accept MasterCard, Visa, American Express, Diner’s Club, or JCB for payment.
If needed, you also can wire money to us directly. However, please note that there is an additional $25 charge for each incoming transfer. If you need to pay via wire transfer, please send us a message here.
Unfortunately, we cannot accept paper checks.
How to pay your invoice
- To view your invoices, log in to your Greenback Tax Companion Account and navigate to My Account and Invoices.
- Click “View” to see your invoice.
- Once you’ve opened your invoice, click the “Pay Online” button to visit our secure payment page.
- From there, follow the on-screen instructions to submit your payment.