Business Returns
(Income Under $250k)
Managing a business involves more than keeping track of revenue and expenses. Choosing the appropriate tax structure and ensuring your business meets its annual tax filing requirements are essential parts of running a successful business. Our firm provides business tax preparation services for S-Corporations with annual revenue under $250,000, helping business owners meet their tax obligations while accurately reporting their business financial activity.
Our CPA team handles the preparation of your business income tax return, including reviewing financial records, reporting business income and expenses, and preparing the necessary shareholder tax documents. We work to ensure your return is accurately prepared and coordinated with your individual income tax filing.
Because S-Corporation income generally passes through to its shareholders, the business tax return and the owner's individual tax return are closely connected. Our firm helps coordinate both sides of the process to make tax season more organized and convenient for business owners.
What Is an S-Corporation?
An S-Corporation, commonly referred to as an S-Corp, is a federal tax classification that allows an eligible corporation or LLC to elect pass-through taxation under Subchapter S of the Internal Revenue Code.
Unlike a traditional C-Corporation, which generally pays corporate income tax on its profits before shareholders may be taxed again on dividends, an S-Corporation generally passes its taxable income, losses, deductions, and credits through to its shareholders.
This means the business itself generally does not pay federal income tax on its ordinary business profits. Instead, shareholders report their allocated share of the business's taxable income on their individual income tax returns.
To receive S-Corporation tax treatment, an eligible business must file an election with the IRS using Form 2553 and meet the applicable eligibility requirements.