Business owners annually report revenue, expenses, and profits to the IRS. Tax errors can have serious consequences. Our tax professionals ensure accurate tax preparation and offer cost-saving guidance.
Floyd Bentley Accounting assists small businesses, regardless of their scale or structure, in managing their tax filings.
Sole Proprietor (1040 + Schedule C)
A sole proprietorship is a business structure owned and operated by one individual. It does not require formal registration and provides the owner with complete control over the business. However, the owner is personally liable for all business debts and obligations. For sole proprietors, it’s crucial to regularly track expenses and revenue to maintain financial health. Consider consulting with a tax professional to ensure compliance with tax regulations and maximize deductions.
Partnerships (1065)
A general partnership is a business structure where two or more individuals manage and operate a business together. Each partner shares in the profits, losses, and liabilities of the business. General partnerships do not require formal registration but typically involve a partnership agreement outlining the terms of the partnership. Partnership entities should establish a clear partnership agreement outlining roles, responsibilities, and profit-sharing arrangements to avoid potential conflicts. Take proactive steps to review and update your partnership agreement regularly to adapt to changing circumstances and ensure smooth operations.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the limited liability protection of a corporation. LLC owners, known as members, are not personally liable for the debts and liabilities of the company. LLCs offer tax flexibility and simpler management structures compared to corporations. For LLC entities, it’s essential to maintain proper records and adhere to all legal requirements to protect the limited liability status. Consider consulting with legal and financial professionals to ensure compliance and optimize your business structure for growth.
C-Corporation (1120)
A C-Corporation, or C-Corp, is a legal business structure that is separate from its owners (shareholders), offering them limited liability protection. C-Corps are taxed separately from their owners, and profits are subject to corporate income tax. They are often favored by businesses seeking to raise capital through public investment or with plans for significant growth and expansion. C-corporation entities should prioritize corporate governance and financial transparency to maintain compliance and foster investor confidence. Take proactive steps to implement robust internal controls and regularly review financial statements for accuracy and integrity to ensure long-term success.
S-Corporation (1120S)
An S-Corporation, or S-Corp, is a business structure that combines the limited liability protection of a corporation with the tax benefits of a partnership. S-Corps pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes, avoiding double taxation. To qualify as an S-Corp, the business must meet specific IRS requirements, including having no more than 100 shareholders and only one class of stock. For S-corporation entities, it’s vital to regularly review and update shareholder agreements to reflect changing business needs and goals. Consider consulting with legal and financial advisors to optimize tax strategies and ensure compliance with IRS regulations.
Non-Profit Entities (990)
Non-profit entities are organizations that operate for charitable, educational, religious, or scientific purposes rather than to generate profit. They are exempt from paying federal income taxes and may also qualify for tax-deductible donations. Non-profit entities often rely on donations, grants, and fundraising efforts to support their mission and activities. Non-profit entities should prioritize transparency and accountability in their operations to build trust with stakeholders and donors. Consider conducting regular audits and financial reviews to ensure compliance with regulations and demonstrate responsible stewardship of resources.
Tax Preparation Process
Are you a small business owner wondering if we help you get your taxes sorted? Let’s break it down into simple steps, so you can understand the process:
Step 1: Gathering Information
First, we have an initial consultation with you (the small business owner) and gather all the necessary information. This includes things like your business income, expenses, receipts, and any tax forms you’ve received, such as W-2s or 1099s. All documentation is uploaded to our secure client portal.
Step 2: Organizing Documents
Next, we organize all the documents you’ve provided on the client portal. We make sure everything is tidy so we can easily find what we need when it’s time to fill out your tax forms.
Step 3: Filling Out Forms
Now comes the part where we fill out the tax forms. We use the information you’ve given them to accurately report your business income, expenses, deductions, and credits on the right forms. We ensure that you are receiving the most deductions possible and maximizing your refund.
Step 4: Double-Checking
Once all the forms are filled out, we double-check everything to make sure there are no mistakes or missing information. We want to make sure your tax return is accurate and complete.
Step 5: Reviewing with You
After double-checking, we review the completed tax return with you. We explain what’s been filled out and make sure you understand everything. If you have any questions or concerns, we’re there to help!
Step 6: Filing Your Taxes
Finally, once you’re happy with everything and give the thumbs up, we file your federal and state tax returns electronically and provide you with your local tax return for you to send it by mail. We make sure your tax return gets to the right place on time.
And there you have it! At Floyd Bentley Accounting, getting your small business taxes done is as easy as 1-2-3. So sit back, relax, and let the experts take care of it for you!
