Types of Businesses That We Help
To efficiently do your taxes you need to have deep knowledge of the tax codes and current regulations. Moreover, you really need to be good with numbers if you don’t want to end up paying more taxes to the IRS than you actually have to.
Consulting with a tax professional may be the better option than trying to handle everything on your own. By hiring us to take care of your taxes you can keep peace of mind while having firm control over your business finances.
Our tax planning and tax preparation services are available for all small business clients, from sole proprietorship to C corporations. With our help, you can actually look forward to tax season.
Sole Proprietorship
Sole proprietorship or self-employment is when you’re the only owner of the business and the only person responsible for anything that may happen to it. From the legal viewpoint, the business and the owner are the same, meaning that all income tax, business expenses, liabilities, and assets are assumed by the owner.
If you own this type of business, your main focus should be your self-employment. We can help you pay only the least amount of taxes allowable by the IRS by creating a tax-efficient plan for your small business.
General Partnerships
In general partnerships, the business and its owners are the same according to the tax law. The assets and liabilities in this type of business are shared amongst the owners. The amount owners pay depends on the percentage they own.
General partnerships can take advantage of the tax codes with an efficient plan. We can help you develop the perfect tax plan for your business to reduce taxes and save money.
Limited Liability Companies
Legally, the business and its owners are separate in limited liability companies.
For tax purposes, limited liability companies are treated as partnerships and are “pass-through” businesses. That means they’re not subjected to double taxation.
S Corporations
In S corporations the business and its owners are separate entities. S corporations are similar to limited liability companies and so are their taxes
C Corporations
The owners and the business are separate in C corporations, meaning they have double taxation. This business type is ideal for offering shares to investors. Moreover, C corporations can realize significant tax savings.
Sole proprietorships, general partnerships, limited liability companies, and S corporations can be elected to be taxed as C corporations and thereby make significant savings. This is because the Tax Cuts and Jobs Act of 2017 changed the highest corporate income tax from 35% to 21%.
Non-Profit Entities
Non-profit entities aren’t obligated to pay federal taxes when turning over all the taxable income to organizations and individuals who’re lawfully recognized as charitable. They need to file taxes to stay compliant.
