Corporate Tax Preparation for Haymarket, VA
Trust our team of certified public accountants at Brown, Mobley & Way. Skilled at providing corporate tax preparation for Haymarket, VA, we offer streamlining of your tax documents, robust support throughout the year, and compliance-readiness for C-corporations, S-corporations, LLCs, and partnerships.
The most important thing a C-corporation needs to be aware of is that you will be paying all of the taxes yourself, each year. This differs from an S-corporation in which the tax burden is passed on to the shareholder. You, therefore, need a comprehensive strategy for your year-end taxes to ensure that you remain profitable.
We help with this by estimating your taxable income for the year and combing through your documentation to identify legitimate ways to reduce the amount of tax you have to pay. The earlier you let us in, the easier it is for us to give you an accurate picture of your tax responsibilities and begin developing a strategy.
Generally, you won’t be paying the taxes yourself as a registered S-Corporation. The profits go back to the individual shareholders, so the tax burden rests with them as well. Still, we can help you a great deal by helping to estimate your profits and losses. We analyze your transactions to make sure that you only have one class of stock, to retain your tax status as an S-corp. As soon as you have more than one type of stock, you can no longer file under this federal statute.
You also may be eligible for tax write-offs, including:
- Business startup expenses
- Professional fees
- Auto maintenance
- Charitable contributions
Work with us to identify which write-offs may be more advantageous for you.
Advice for LLCs
The great benefit of an LLC is the flexibility to choose how your entity is taxed. There is no specific guidance on how the IRS treats an LLC per se, so you can decide how to register yourself. The IRS could treat you as a disregarded entity, a C-corp, S-Corp, partnership, or sole proprietorship. You decide. LLCs allow you to deduct business expenses, avoid double taxation, and simplify your tax rate.
As a pass-through entity, in a partnership, you are only taxed at the personal level. This allows you to avoid paying double taxes the way that corporations pay once for being a corporate entity, and later on their dividends. There is quite a bit more flexibility in a partnership when compared with a corporation. The IRS works with the partnership agreement and then determines the proportional share of income tax, loss deductions, gains, and credits.
Trustworthy Corporate Tax Preparation for Haymarket, VA
Let us help you streamline your accounting systems and tax software so that filing taxes is as easy as possible. We offer free 30-minute business consultations for new clients. Browse our services and learn about our dedicated team members. We make it easy to get started. Call us at 703-361-9068 or use our handy online form. Let us handle your taxes so you can get back to business.