Taxes

What software do you recommend for filing taxes a C-Corp?

Maria Brandt

February 11th, 2015

It is tax season, and I would like to know what software or packages other entrepreneurs use for filing their corporate taxes. As many startup's, mine is incorporated in Delaware, but operating in California (C-corp). This is for the first year of operation, with mostly expenses. Do you have the list of forms that need to be filed?

Rick Coplin Former Vice President, Community Partner Ventures at Rev1 Ventures

February 12th, 2015

Maria, both Ryan & Josh have excellent points. Josh's questions are the tip of the iceberg for the things you need to be aware of and know to accurately and safely complete your tax returns

I strongly advise my clients to find a professional (ask those close to you in their network who they use for taxes) who will take the time to understand your business and who has the experience and expertise you need. If you are spending time on doing your own or your company's taxes, you're not investing in your business. Consider this person a partner in your ongoing success.

Taxes are a business maintenance task, which can pose a significant risk to you (and your investors if you have any) if done incorrectly. Outsourcing this will be worth every penny. One caveat: NEVER leave your financials completely up to someone else. You must be familiar with your financials, including tax returns, bank accounts, financial processes, payroll etc. You are delegating tasks, not responsibility.


Good luck!



Rick

Ryan Rigterink Midwest Manager at Hematogenix Laboratory

February 11th, 2015

I highly recommend you seek out and find a good CPA and begin building that relationship.  It is valuable for filing taxes and much more.

Anonymous

February 12th, 2015

Hi Maria,

To better answer, I have a couple questions for you.

Do you want to make an s-election?

Have you already been making estimated tax payments?

Do you have employees/contractors you've paid more than $500?

Have you paid your Delaware franchise tax?  You may have received an email from the state of Delaware.

Do you have any personal investment income or income from a previous job (if you started this year)?

Manu Chatterjee CEO at Moodwire

February 12th, 2015

I can't agree enough with Rick's answer.  

Maria Brandt

February 13th, 2015

Good points brought here.  To add to Rick's answer, given that I managed loss forecasting for ebay, and I have been asked by investors to evaluate other company's revenue or loss models, I am aware of the importance of having proper financials for my company.
I didn't believe that the tax filing for the first year could be complex, but I see the value of having that tax relationship built.  Thanks to all of you.

Aaron Bello

February 14th, 2015

I will strongly recommend using a professional account from day one if you can afford it. If you cannot afford paying for accountant from the early stage of your business, your best option is TaxAct. They have the best software so far for filing 1120s, 1120 etc and all other business forms for business. TaxAcT have both desktop software version and online version which will educate you and easily get your taxes done. The good thing is that they have phone support with the package which will only cost you less than $50

Like I said, if you do it yourself. Be ready for audit at any time. If a professional do it for you, the pro will defend all future query from the IRS. Hope this help?