Small Business Tax Services
Our small business tax services offer expert guidance and support for various business tax structures, such as Sole Proprietorship, Partnership, S-Corp, and C-Corp. Whether you require help with federal or state tax compliance, our skilled team of tax professionals is dedicated to helping your business optimize its tax benefits and stay fully compliant with all regulations.
Why choose us?
US tax expertise
Our tax preparers are registered with the IRS and comply annually with the continuing education requirements mandated by law. We guarantee that your tax return complies with US law.
Experience
We have extensive experience in tax preparation of tax returns for small businesses including tax planning. We speak English, Bulgarian, and Russian languages.
Best customer service
Our primary advantage is that our IRS-certified tax experts are based in the USA and Bulgaria, Europe. This enables us to offer you affordable, top-quality service and accurate information about your taxes, fully compliant with specific US tax regulations.
Online application
The whole procedure can be entirely online. You sign electronically, upload the documents, and track the tax return process entirely online.
Our process
Prepare Your Tax Documents And Book Your Appointment
Fill out our questionnaire and upload your current tax documents and prior year tax return. Book your virtual or in person appointment with us (phone/Zoom/Viber).
At Your In-person/Virtual Appointment
We will give you a call/meet you to discuss your tax filing requirements, address all of your questions, and provide you best customer service. Plan 30 minutes or more for your appointment.
Tax Filing
Once we prepare your tax return we will send it to you for signature and approval. After we file your tax return to IRS/State you will receive a link to our secure portal for your tax returns and a detailed message with all the necessary information.
Comprehensive Small Business Tax Services
Our team provides comprehensive support for developing customized tax strategies for each LLC taxation type, helping your business optimize its tax benefits. We also ensure adherence to both federal and state tax regulations, offering you peace of mind so you can concentrate on expanding your business.
We work with all types small businesses:
Sole Proprietorship
Our services encompass filing LLC business numbers on Form 1040, and Schedule C, and providing guidance on state-specific reporting requirements to ensure your sole proprietorship remains fully compliant.
Partnership
We manage the filing of Federal Form 1065 and any relevant state forms, prepare and incorporate K-1s into each owner’s individual tax return, and provide support for both partnership and individual returns. This includes implementing tailored tax strategies for partnerships.
S-Corporation
We assist with the S-Corp election process with the IRS, offer guidance on reducing self-employment taxes through the S-Corp structure, and provide thorough support for S-Corp tax strategies and compliance to help you maximize your tax benefits.
C-Corporations
A C-Corporation is an independent taxable entity that pays taxes at the corporate level, using Federal Form 1120 and any required state schedules. This structure is often ideal for larger businesses and those with multiple shareholders, including many startups in Delaware. C-Corps are the typical business entity choice when registering your EIN as a corporation with the IRS or your state.
Limited Liability Companies (LLC)
Navigating the tax requirements for Limited Liability Companies (LLCs) can be complex, as tax filings vary based on the LLC’s structure and number of owners. Single-member LLCs generally report taxes on Federal Form 1040 Schedule C, which is designed for sole proprietorships. Conversely, multi-member LLCs are treated as partnerships for tax purposes and file using Federal Form 1065, unless they elect to be classified as an S-Corporation or C-Corporation.
Small Businesses Registered in Any State
We assist with annual reporting requirements and the necessary forms for small businesses registered in all 50 states, ensuring compliance regardless of where your business operates.
Prices
Federal Tax Return – 1065, 1120, 1120S
$300
+Value-added fee
Choose this service if you only need to file a federal tax return. You pay for the service at the time of filing.
State Tax Return
+$100
Choose this service for preparing and submitting your federal and state tax returns. Payment is made at the time of filing and it is for one additional state.
Additional Schedules
+$100
+Value-added fee
Choose this service if you need to file a federal tax return and Schedule, O, PH, UTP, M-3, etc. You pay for the service at the time of filing.
Additional Forms
+$100
+Value-added fee
Choose this service if you need to file a federal tax return and additional forms – 8919, 8805, 1118, etc. Payment is made at the time of filing.
How much do you charge?
Our fees depend on the complexity of your tax return. We consider factors like forms needed, business income, and rental properties. While we can’t give an exact quote upfront, our prices are competitive for the level of service we offer. The average return for small businesses costs $500, but simpler ones are usually around $400. This is just an estimate, and your final fee may vary.
How long does it take to get my taxes finished?
Most tax returns can be wrapped up in your first appointment. Occasionally, we might need some extra information from you and send you off to gather it. Once you have that information, you can drop it off depending on our availability, or we can schedule another quick appointment to finalize everything. If your tax situation is more complex, like involving businesses or multiple rental properties, the process might take longer.
What do I need to bring to a tax appointment?
Identification: Company Name, EIN, Address, Representatives, etc.
Prior year tax returns: If you have them, bring your federal and state returns from last year.
Income documentation: Trial Balance (finished and balanced).
Deduction information: Receipts, canceled checks, or other records for deductions you plan to claim (charitable donations, medical expenses, etc.).
What is an LLC?
How is an LLC taxed?
Do you efile?
Yes! We clearly understand the advantages of electronic filing. Here are some key points to mention:
- Faster processing: E-filing leads to faster return processing compared to mailing paper forms.
- Reduced errors: Electronic filing significantly reduces errors compared to manual data entry from mailed returns.
These benefits can save you time and frustration during tax season.
What should I do if I receive a notice from the IRS or the State?
Act quickly! Bring the notice to us ASAP.
We will:
- Review it for accuracy.
- Explain how to respond (including deadlines).
- Advise on fees to handle the response for you (optional).
Don’t ignore these notices!
- Common ones (like CP2000) suggest tax return changes and can lead to penalties if unanswered.
- You typically have 30 days to respond.
Considering our help?
- We’ll need signed Power of Attorney documents, limited to your specific tax issue and timeframe.
- These documents generally don’t allow us to sign anything for you.
- If you want us to sign specific documents, we’ll need additional authorization.
Can I just upload or mail in my tax information?
Yes! However, to accurately prepare your taxes, we will still ask that you complete our annual questionnaire (to make sure we do not miss anything and to honor our due diligence requirements with the IRS), and we will ask that you sign our engagement letter.
Can you file for states other than Illinois?
Can I deduct medical expenses?
Each year, the IRS allows you to deduct unreimbursed expenses for qualifying medical expenses if they exceed 7.5% of your adjusted gross income. These expenses can come from:
- Preventative care
- Medical treatments
- Surgeries
- Dental and vision care
- Psychologist and psychiatrist visits
- Prescription medications
- Prescription appliances (glasses or contacts, false teeth, hearing aids, etc.)
- Travel expenses paid to receive this medical care (mileage, bus fare, and parking fees)
How much you can deduct depends on your income and whether you itemize your deductions.
How long do you keep my filed information on file?
We retain your tax information for as long as your account is active, or as needed to provide you services. We may retain or use your information as necessary to comply with our policies, legal obligations, resolve disputes, and enforce our agreements. The IRS requires us to retain filed tax returns for at least three years.
Where I can access more information about your privacy policy?
Please see our entire Privacy Policy for more detailed answers to your questions.
How do LLC owners avoid taxes?
LLC owners can lower their tax burden by electing S-Corp status to reduce self-employment taxes, taking advantage of deductions and credits, and practicing strategic expense management. Effective tax planning and adherence to IRS regulations are crucial to avoid penalties.
An LLC avoids double taxation by functioning as a pass-through entity, which means profits are taxed only at the individual owner’s level, not at both the corporate and personal levels. This structure allows income to be reported on the owners’ personal tax returns, thereby sidestepping corporate income tax.
The tax benefits of an LLC include pass-through taxation, which prevents double taxation, flexibility in selecting the tax structure (such as Sole Proprietorship, Partnership, or S-Corp), and access to various tax deductions and credits. LLCs also provide ease in filing and potential tax savings on self-employment taxes if S-Corp status is elected.
What is the best way to communicate with my preparer?
Reach us through the administrative staff during busy times. Tax preparers are often booked and might not be able to answer calls directly. Email or schedule a free 15-minute appointment for detailed questions. The staff can get answers from preparers quickly if needed. For complex questions, email or schedule a short appointment.
When is my return filed?
We’ll file your return electronically once we have everything:
- All necessary documents, including signed agreements and forms.
- Proof of refundable tax credits (like EITC or Child Tax Credit).
- Full payment for your tax prep services.
Can I get an electronic copy of my tax return?
How long should I keep my tax records?
- Generally keep records for 4 years: This covers most audits by the IRS (3 years) and California Franchise Tax Board (4 years). They can go back further for errors or suspected fraud.
- Depreciation and asset records: Keep for 4 years after disposal. This applies to items you’ve depreciated (like cars) and assets (like your house).
- Net operating loss and credit paperwork: Keep for 4 years after claiming. Maintain documentation related to these for 4 years after the year you claim them on your tax return.
- Unlimited audit for fraud: If the IRS or Franchise Tax Board suspect fraud, they can audit for any past year.
What if I cannot pay all that I owe in taxes?
Can you help me file back taxes?
What if I receive or find another tax form after I filed my return?
If you’ve already e-filed or mailed your return to the IRS or state taxing authority, you’ll need to complete an amended return. We can assist you in filing an amended return. Additional fees may apply.