Our business clients vary from many types of service and product providers. We service retail, mortgage brokerage, food service, contractor, transportation, office supply, real estate developers & investors, auto sales & service, aircraft, building supply, professional and legal industries to just name a few.
S corporations are corporations that elect to pass corporate income, losses, deductions and credit 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 the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.
A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. The most important aspect of a corporation is limited liability. That is, shareholders have the right to participate in the profits, through dividends and/or the appreciation of stock, but are not held personally liable for the company's debts
A type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments. Unlike a Limited Liability Company or a corporation, in a partnership each partner shares equal responsibility for the company's profits and losses, and its debts and liabilities. The partnership itself does not pay income taxes, but each partner has to report their share of business profits or losses on their individual tax return. Estimated tax payments are also necessary for each of the partners for the year in progress. Partnerships must file a return on Form 1065 showing income and deductions. Estimated tax payments are also required if they expect their income to be greater than $1,000.
Trust are estate-planning tools that can replace or supplement wills, as well as help manage property during life. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people. There are many reasons to create a trust, making this property distribution technique a popular choice for many people when creating an estate plan.
An individual tax return is a tax return filed by an individual person rather than a business entity. An individual tax return is used to determine a person's personal income tax liability. Broadly, there are three individual tax return forms: the 1040, the 1040A, and the 1040EZ. The appropriate individual tax return form depends on an individual's circumstances. The 1040 individual tax return form is the longest, allowing for itemized deductions, income from sale of property, and income over $100,000, but it is also the most complicated. The 1040A individual tax return form allows for capital gains distributions but a minimal number of adjustments. The 1040EZ is the simplest and shortest individual tax return form and allows for interest income less than $1,500 but disallows deductions for dependents as well as most other adjustments.