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At Lawrence Tax Service (LTS), our team of business tax professionals brings a wealth of experience, with many holding decades of expertise in preparing returns for Partnerships, C and S Corporations, LLCs, and sole proprietorships (Schedule C, E, & F). We collaborate closely with you, utilizing tools such as QuickBooks, Excel and other programs to manage your financial data, from balance sheets to profit and loss statements, and general ledgers. In simpler cases, especially for self-employed clients, a basic income and expenses sheet may be all that's required—as the familiar insurance ad goes, "We've seen it all."
Many clients trust us to handle their bookkeeping, and we are delighted to provide this service. To get to know our dedicated team members, please visit the 'The LTS Team' tab on our website.
Regarding the tax preparation process itself, the array of tax-relevant items for a business return is extensive and diverse. Here are a few examples:
- Fixed Assets: The type and duration of asset depreciation.
- Pensions: Types of tax-deferred plans, if any.
- Health Care and Benefits: Compliance with Obamacare mandates regarding health insurance premiums, worker classification issues, and reimbursement plans.
- Accounting Methods: Choice between cash and accrual accounting methods, including considerations for Cost of Goods Sold (COGS) and inventory.
- Facilities: Specific regulations for the home office deduction.
- Choice of Entity: Deciding between C corporation and S corporation status, LLC versus corporation, or sole proprietorship.
- QBID: The new IRC 199A Qualified Business Income Deduction presents a significant opportunity, offering up to a 20% additional deduction for businesses and partnerships reporting income on personal returns.
