Tax Preparation Services
- Individual Tax Preparation
- S-Corp
- Partnerships
- LLC
- Sole Proprietorship
Individual Tax Preparation
S-Corp
Originally formed as a C-Corporation, an LLC, or a Partnership. We then elect to file the corporation as an S-Corporation tax status with IRS form 2553. An S corporation is an ordinary business formed and operated under a state’s general corporation law. It is like any other corporation, except for this difference: It is like any other partnership for federal income tax purposes. The S corporation files an “information” tax return to report its income and expenses, but it is not separately taxed. Income and expenses of the S corporation “flow through” to the shareholders in proportion to their shareholders, and profits are taxed to the shareholders at their individual tax rates. Individual shareholders may benefit from the reduction in their taxable income during the first years of the corporation’s existence when it may be operating at a loss.
Partnerships
LLC
An LLC combines the operational flexibility and tax status of a general partnership with the limited liability protection traditionally associated with limited partnerships and corporations. A LLC has far greater operational flexibility than either a Subchapter C Corporation, a Subchapter S Corporation or a Limited Partnership.
Sole Proprietorship
Sole proprietorships are the most common and simple form of business organization. They are formed by persons who own all or most of the business property and assets. They are 100% responsible for all of a business’s control, liabilities, and management. A sole proprietorship, as its name states, has only one owner. The sole proprietorship is merely an extension of its owner: a sole proprietor owns his own business, and no one else owns any part of it.
