Business Tax Preparation
Staying organized with tax obligations is both an essential and often overwhelming responsibility when running a business. While many business owners recognize the significance of preparing their company’s finances, few have the time or the means to make sure it is done accurately and effectively. Valles Vendiola LLP provides tax-efficient strategies by looking for ways to help reduce current and future tax burdens for all types of business structures including corporations, S-corporations, partnerships, Limited Liability Companies (LLC), and sole proprietorships. Our dedicated tax professionals can move tax compliance from an administrative burden to a forward-looking plan for business growth.
Business tax services include:
- Business tax planning and preparation services
- Tax projections and year-end planning
- Multistate tax returns
- Business Entity Selection and Changes
- A dedicated tax professional to review and prepare your tax return.
- Review of previous tax returns
- Electronic filing (E-file) of your return
- Insightful recommendations on how to reduce your tax liabilities in the future
- Access to IRS assistance in the event of an audit
The Value in Proactive Tax Preparation for your Business
Helping you organize your records and understanding where your money is going is the first and most important aspect of preparing your business. Clients can have complete confidence in their financial care knowing he takes a proactive approach to your bookkeeping needs. Organizing your financial records allows you to recognize any flaws in your prior tax planning, helping you understand every step in the accurate preparation provided by Ignatius. This will also help you to avoid unnecessary tax payments and penalties now and in the future.
When dealing with the fundamentals of taxes, individuals may get away with a fairly accurate process of doing it by themselves. Small business owners, however, have much more to consider when it comes to their businesses. Valles Vendiola LLP can give you the tools you need to prepare your small business’s taxes and maximize tax deductions and resources.
How you organize your tax structure and reporting can bring unwanted attention to your business from the IRS. Tax laws are always changing and adjusting your business’ financial needs in time to accommodate these ever-changing obligations is something we can help you with. Having many years of experience as tax professionals, we can be there to provide support throughout this process and make sure your small business is prepared for potential examination from the IRS.
Having your taxes prepared by an experienced professional allows you to focus on the essential functions at hand, like running your business. Small business owners can benefit from tax preparation assistance to help keep their business needs aligned with their tax responsibilities and obligations. Also, when you have someone with experience in tax law and code working with you, then you will be prepared if you are ever faced with an audit. A comprehensive approach will ensure that your tax needs are met accurately and efficiently.
Business Types:
Sole Proprietorship
Someone who owns an unincorporated business by themselves.
Partnership
A partnership is a relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.
International Business
Foreign businesses with activities in the U.S. or domestic businesses with activities outside the U.S.
Corporation
In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation’s capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure out its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate tax paying entity. A corporation conducts business, realizes net income or loss, pays taxes, and distributes profits to shareholders.
The profit of a corporation is taxed to the corporation when earned and then is taxed to the shareholders when distributed as dividends. This creates a double tax. The corporation does not get a tax deduction when it distributes dividends to shareholders. Shareholders cannot deduct any loss from the corporation.
S Corporation
S-corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.
Limited Liability Company or LLC
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.
Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs, and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and federal tax regulations for further information. There are special rules for foreign LLCs.
To get started, click the “Get Started” button below to download our tax organizer packet. You can return it to us, along with your tax documents, by uploading it to your client portal.