What is a business tax return?

A business tax return is essentially an income tax return. The return is a statement of income and expenditure of the business. Any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors, creditors of business, loans taken, and loans given are declared here. Our Houston business tax services ensure all these details are accurately captured and reported.

Who has to file a business tax return? Filing of return mainly depends on the type of business structure. For example:

• If you are a sole proprietor in Houston, your business income and your other personal income like salary, income from house property, and interest income have to be stated on the same return. Our Houston tax services can assist you in accurately filing your return.

• If your total income before deductions is above the basic taxable limit, you need to compulsorily file your income tax return irrespective of profit or loss in your business.

• For companies, firms, and Limited Liability Partnerships (LLP) in Houston, a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed. Our corporate tax filing Houston services ensure compliance with all regulations and assist in timely filing.