You will absolutely need a professional accountant or CPA to help you with Corporate tax filings, as there are a myriad of options, questions, check and balances that you’ll need to review in precise detail. Most folks only think about the annual Form 1120 Tax return, but there’s actually a ton of taxes and tax deadlines for Delaware C-Corps. To an untrained eye, this will take hours and even weeks, and wrong step could cost you tens of thousands in dollars and wasted effort. Pay the CPA: they’ll get it done right and they’ll get it done quickly.
Also keep in mind that even bootstrapped pre-revenue startups must file taxes and pay taxes. You might not be subject to Income Taxes (which are based on profitability) but you will still be subject to a wide variety of other taxes which aren’t always connected to Revenue.
To start, here are 4 Startup Tax Deadlines, based on metro:
A quick caveat though, these startup tax checklists aren’t complete. There are actually a bunch of taxes out there, some of which may or may not apply to you (depending on your unique circumstances, of course). Here’s a list of just some of the different types of taxes out there that you may need to consider:
A very common misconception is that the CPA or firm that filed your annual tax return (the 1120) will have taken care of all these types of taxes: that is never the case!! It is always the CEO’s responsibility to make sure that these taxes are addressed and paid on time. Granted, a CEO can only know so much… and the CPA can only guess as to which types of taxes a company might be subject to. Hence, it’s really important to sit down with a CPA to make sure that all bases are covered based on your company’s unique situation.