LLC Taxation
LLC taxed as Sole Proprietorship
Sole proprietors, equity partners, or members of LLCs are statutorily required to file their LLC business numbers on form 1040, Schedule C. It’s a part of your individual tax return and not required to be filed separately at the federal level, even though the applicable schedules are not the same. On the state level, an annual reporting requirement or separate form when submitting is not a must, depending on which state you’re in.
Our filing capacity extends throughout all 50 states, and we’re able to help you file yours without any hassle or delay.
LLC taxed as Partnership
Does your LLC have more than one partner, founder, owner, or member? If so, you’re statutorily required to file as a partnership on Federal Form 1065 and all other forms that may need filing at the state level. The good bit? Whichever of the 50 states we’re in, we’re able to support returns especially if the state also requires additional LLC reporting.
1065 returns should be filed differently as it generates K-1s that go into each owner’s individual return. If you need help in this area? Our expert team is available to chip in with assistance whether it’s an individual return, partnership return, or both while skilfully applying specific tax strategies you need to get the most from your filing.
LLC taxed as an S-Corp
The S-Corp classification must be applied for with the IRS. Converting to an S-corp structure is highly recommended once you tick the boxes since it helps you snap up the opportunity of decreased self-employment taxes. This is why it’s so popular among individuals.
But to do this, you need an S-Corp election filed and approved at the level of the IRS on certain conditions.
If you need a bit of help with this, we’re always at your beck and call.
Corporate & Partnership Taxation
Partnerships
Got more than one member in your business but you choose not to go with the S-corp or C-corp structure? You should be filing this return! It’s usually reported on Federal Form 1065 and some other state schedules as may be applicable.
We do this, of course, across all 50 states. It’s a default classification that you get once you apply for your EIN involving a business with more than one owner. You also get this default classification once you register your LLC with more than one member, owner, or equity partner under your state.
S-corp
A small business corporation allowed by the IRS, S-corp is commonly reported on Federal Form 1120-S and some other state schedules. It’s not a default classification– rather, you must apply for it and be approved by the IRS. This leaves you needing professional assistance, which we happily render throughout all 50 states.
What’s in it for you? You get reduced self-employment tax on your individual return which may be a significant amount based on whatever your business’ annual net income is.
Got further inquiries on key areas? Kindly contact us.
C-Corps
With a C-corp, you have a business entity that still gets to pay taxes. Tax filings are being reported on Form 1120 and where applicable, a few other state schedules. We offer filing services throughout all 50 states.
The C-corp structure is a default classification you file with the IRS once you file as a business entity under your state or upon registration of your EIN as a business entity under the IRS
With experience helping many businesses in this area over the years, we can help you process your application and get you the results you need.
Sales & Use Tax
The emergence of the digital age and a shift towards online purchasing in customer behavior means companies have to adapt their means of product and service delivery. This means more shipping of products as against conventional in-person experiences.
Given the high volume of transactions, the collection and remittance of tax across states and national boundaries present a problem. To avoid being caught on the wrong side of tax regulations, you can lean on our expert tax advisory services to help you navigate sales and use tax
Here are the numerous ways we can help you with the process:
Outline what your nexus, sales tax collection and remittance duties are
Draw up a compliance plan that includes registration for your sales tax and agreements of voluntary disclosure.
Reporting of monthly, quarterly, or annual tax returns.