Professional Business Tax Preparation in Festus
Trinity Tax Solutions is here to help your business save money every tax season through practical strategies, diligent oversight, and careful filing. Our enrolled agent (EA) can check your business' tax returns for accuracy and organize your accounts to ensure you're always ready when it's time to file.
Depending on your preferences, we can consult at your business, a convenient coffee shop, or virtually via phone or video conference. An experienced enrolled agent will guide you through the entire tax process and address any queries that come up. We can simplify complex tax concepts through our expert Festus tax preparation for all types of small businesses. Contact us today to schedule your consultation!
Why Do I Need Professional Tax Preparation?
Thorough tax preparation can save your business a significant amount of money, resources, and time. It can be challenging for many small business owners to understand complex regulations and find time to file taxes. With our expertise, you can avoid miscalculations and excessive deductions that may lead to hefty fees.
When you work with Trinity Tax Solutions, we take time to go through your books carefully and ensure you're taking advantage of every eligible tax break and reduce your liability. Our EA is highly skilled and knowledgeable about the local and federal tax codes. You can trust our team to handle all your tax filing at every level for small businesses, entrepreneurs, and independent contractors.
We offer tax prep as an extension of our accounting and bookkeeping services, which allows us to take information directly from QuickBooks® and streamline the tax filing process. Additionally, we review your financials beforehand and discuss how they will flow into your personal return.
The Right Tax Forms for Your Business Entity
Tax filing for business entities is incredibly complex and organizing the information you need often takes a lot of time. It's also a huge challenge figuring out which forms to use for filing and what qualifies as taxable income.
When our skilled EA organizes, prepares, and files your business taxes, you can eliminate all of these difficulties. We can review your finances and determine accurately what needs to be filed and how. Some of the Festus business tax preparation forms we can assist with include:
Independent Contractor, Sole Proprietor, or LLC: If you're self-employed or working as an independent contractor, you should report income and expenses on Schedule C (Form 1040). If your net earnings from self-employment amount to $400 or more, use Schedule SE (Form 1040 or 1040-SR) to account for taxes owed and overall revenue.
Partnerships or Multiple Member LLCs: Multi-member LLCs are usually taxed as partnerships and don't file or pay taxes as the LLC. The profits and losses are the obligation of every member. Each member will pay taxes on their profit or loss shares by completing a Schedule E (Form 1040) and attaching it to the individual tax return.
C-corporations: Regular corporations (also referred to as C corporations) are taxed as separate entities. The corporation files a Form 1120 annually to report its income and claim its deductions and credits.
S-corporations: S Corporations file Form 1120-S Income Tax Return, a document used to report the dividends, income, and losses of S corporation shareholders.
Do All Businesses Need to File Tax Returns?
If you're just getting started in business, filing taxes may not seem like a priority on your list. But if you fail to meet your tax obligations from the onset, things can get expensive over time. Depending on your business entity and initial activities, you may not be required to file your taxes right away.
For example, partnerships can wait to file their federal tax returns. During the initial years, you don't need to file federal returns if the company hasn't made some income or incurred expenses treated as credits or deductions for federal income tax purposes. Once you've filed your first return as a business, the IRS will expect the returns annually until you file your final year tax return, indicating that you won't have any future business activities or correspondence with the IRS.
While there may not be a requirement to file federal tax returns in your initial years, you may still be required to file state and local returns. However, corporations must file federal tax returns regardless of whether they have any taxable income. Our enrolled agent can evaluate your situation and help you file the necessary returns, including quarterly and yearly filing. We can also assist with payroll taxes, tax planning, accurate accounting, and bookkeeping.
Reliable Tax Preparation for Your Festus Business
Whether you're a corporate partner or self-employed entrepreneur, you deserve professional assistance with tax preparation. You can count on Trinity Tax Solutions to complete your business taxes with precision while providing you with the necessary resources to prepare for the upcoming year. We have a full range of services to complement business tax preparation in Festus. Contact our office today to schedule your consultation!