LTS has a team of business tax professionals on staff. Many have decades of experience at preparing Partnership, C and S corporation, LLC and sole-proprietorship (Schedule C, E & F) business returns. We handle, often with your help, your QuickBooks balance sheet, profit or loss, general ledger, etc. that you provide to us as well as any other software, such as Excel that you might use. Many times, a simple sheet of income and expenses will suffice in the case of Self-employment. As the insurance commercial on TV states, "We've seen it all."
Many of our clients prefer to have us prepare their bookkeeping, and we are happy to oblige. Check out The LTS Team tab on the website to view our associates.
As for the actual tax preparation: the list of tax-relevant items that goes onto a particular business return is long and varied. Just a few are:
- Fixed Assets: The type and duration of depreciation
- Pensions: Type of tax deferred plans if any
- Health Care and Benefits: Handling of Obamacare requirements as they relate to health insurance premiums; worker classification issues and reimbursement plans
- Accounting Methods: Cash versus accrual accounting methods including COGS and Inventory
- Facilities: Unique rules re office in the home deduction
- Choice of Entity: C corporation versus S corporation status - LLC versus corporation or sole-proprietorship
- QBID Pass-through new IRC 199A Qualified Business Income Deduction: This new tax law has presented us with a powerful tool relating to business ownership. There can be up to a 20% additional deduction for businesses and partnerships that report their business income on their personal return. Please contact us to discuss in your particular case.
We welcome engaging with our business clients throughout the year. Please feel free to contact us at any time after, as well as during, tax season.