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Business Tax Preparation
The accountants and bookkeepers at Orange County Bookkeeping prepare and submit tax returns for all business entities, including Sole Proprietorships, Partnerships, S-Corporations, Limited Liability Corporations and Corporations. Our professionals guarantee tax compliance across the board through the accurate and timely submission of all required federal, state, local and international tax returns.
Our entity-specific tax preparation services are summarized below:
Because a Sole Proprietorship is treated as a pass-through entity, the income of the business is reported on the owner’s personal tax return. This is done using IRS Form 1040, Schedule C.
The Partnership must issue each partner a K-1 and file an information return on IRS Form 1065 to report any credits or deductions to/from the operation of the business. Each partner must then report their portion of the profits and losses of the Partnership on their personal income tax return.
Even though an S-Corporation does not pay corporate income taxes, it is required to file a corporate income tax return using IRS Form 1120S. In addition, the S-Corporation must issue each shareholder a K-1 showing their share of any business profits or losses. Each shareholder must then report their portion of the profits and losses together with any compensation they have received on their personal income tax return.
Multiple member LLCs must issue each member a K-1 and file an information return on IRS Form 1065 to report profits or losses of the business. Each member must then report their share of any profits or losses by filing the K-1 with their personal income tax return. The income of a single member LLC is reported on Form 1040, Schedule C of the member’s personal income tax return.
A Corporation must file a corporate tax return on IRS Form 1120. Unlike with other business structures, the profits and losses of a Corporation are taxed directly and do not pass through to be claimed on the personal tax returns of the owners.
The accountants and bookkeepers at Orange County Bookkeeping provide expert tax preparation services that guaranteed to meet all of the filing deadlines and reporting requirements of the respective tax collection agencies. Our professionals guarantee tax compliance through the accurate preparation and timely submission all required tax returns.
Call us today at 877.889.6527 to inquire about our accounting and bookkeeping services, or fill out the online request form to receive a free, no obligation consultation.