Sole Proprietorship or LLC is treated as a pass-through entity, therefore the income of the business is reported on the owner’s personal tax return using IRS Form 1040, Schedule C.
The Partnership must issue each partner a K-1 and file an information return on IRS Form 1065 to report any credits or deductions to/from the operation of the business. Each partner must then report their portion of the profits and losses of the Partnership on their personal income tax return.
S-Corporation does not pay corporate income taxes, yet it is required to file a corporate income tax return using IRS Form 1120S. In addition, the S-Corporation must issue each shareholder a K-1 showing their share of any business profits or losses. Each shareholder must then report their portion of the profits and losses together with any compensation they have received on their personal income tax return.
Corporation
A Corporation must file a corporate tax return on IRS Form 1120. Unlike with other business structures, the profits and losses of a Corporation are taxed directly and do not pass through to be claimed on the personal tax returns of the owners.
Preparation of 1040 and Schedule A
Preparation of 1040 and Schedule E
Quickbooks Online Set Up
1 Hour Training
Quarterly Check In's
Email Support
For the DIY Business Owner that wants to do their own bookkeeping
1 Hour Training
Email Support for 1 Month
Clean Up & Historical Work
Correcting Past Errors
Reconciliation Errors
Categorizing & Posting Transactions
Review Your Books
Give Recommendations to Increase Efficiency
Identify Problem Areas and Give Feedback How to Fix
We help you form your company, obtain your state & local license(s), Tax ID/EIN from IRS, Register for Sales & Use Tax and Registered Agent Services
Form a Sole Proprietor, LLC, Partnership, or Corporation
Obtain State & Local License(s) as necessary
Be Listed as Your Registered Agent for Your Company
Notary Service
We Come to You and Notarize Your Documents