Business Tax Preparation
Tired of paying huge amounts in business taxes? Boost your revenue and achieve financial stability with our professional tax-saving advice. Our Enrolled Agents provide reliable audit defense services to free you from worries.
It’s our business to understand yours.
Business Tax preparation demands a high level of knowledge and precision. Proactive tax planning is the key to managing small business tax liabilities. Start planning your tax strategy today by working with our IRS Certified Enrolled Agents. We pride ourselves on thoughtfulness, foresight and creativity in handling complex tax laws.
Keep More of Your Money
Maximizing business tax savings is essential for any business looking to increase profits, lessen financial burden, and even provide a cushion during difficult times. By taking advantage of deductible expenses, contributing to retirement accounts, utilizing tax credits, and creating a tax-efficient business structure, businesses can save money for other important expenses. Let us help you handle the rest!
The IRS is out to get small business owners, and without proper guidance and the right tax accounting partners, you are losing money!
Here is what we do for you:
- Tax preparation and filing
- State and federal payroll tax
- Develop tax planning strategies that save you money and minimize tax liability
- Profit and loss statements
- Entity selection and structure (S-Corp, C-Corp, LLC)
- Represent before the IRS during Audits
Audit Defense Services
Nobody likes an IRS audit, especially when it comes to taxes. That’s why having Lakeline tax audit defense services can be a life-savior. Our enrolled agent can represent you during IRS audits, assist you with responding to IRS notices, help you resolve tax disputes, and even provide appeals representation. It’s like having a supportive legal partner who understands tax laws and regulations and has expertise in dealing with complex tax issues. With audit defense services, you can feel secure and confident that your taxes are in good hands, and you have someone to turn to in times of tax trouble.
Make Sure You Never Miss a Deadline Again
The IRS, as well as state and local governments, imposes strict deadlines for business tax obligations. Missing these tax deadlines and failing to comply with payroll and sales taxes negatively impacts your bottom line and may result in fines for non-compliance.
As your trusted advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.
Check out our customer testimonials here…
Experienced Tax and Accounting Professionals You Can Trust – To find out how our team of experienced tax and accounting professionals can help your small business achieve success, Schedule an appointment today.
Small businesses in general are nearly ten times more likely to be audited then individuals who don’t own businesses. And the more money you make, the greater your chances of being selected for audit. Again the real quesiton is, when you are audited, will you survive it? Is your tax preparer capable of representing you if you are audited? We will be here for you, and we are qualified to represent you in front of the IRS.
Business Tax Preparation services include:
S-Corps (Form 1120S), Partnerships (Form 1065), and Sole Proprietor (Schedule C))
Tax planning and consulting
Estimated tax payments
Filing amended returns
Filing extensions
Filing payroll returns (940, 941, etc.)
Compliance with local, state, and federal regulatory requirements
State and local tax consulting
Preparation of quarterly and yearly business tax returns
Evaluation of entity structure and setup
Multi-state tax preparation for businesses
Quicker tax refunds with E-file
Our Tax services:
Year-Around Tax management – Our broad range of forward-taxation plan and all-year support from Lakeline Tax, you can stay focused on building your business .
Greater wealth over time – By keeping more invested in the business through tax savings, Business owners can benefit from growth to build more wealth.
Accuracy – Your expert accountant is highly experienced in filing all the necessary business forms and will take the workload off your shoulders.
Audit response – We will respond to all communication from the IRS
Expertise – Our accountants are all Quickbooks ProAdvisor’s and IRS Enrolled Agents with more than 15 years of experience.
Security – We understand how important your personal data is so we use the highest level of data encryption (same as most banks use) to protect your information.
Simplified tax prep – Our goal is to make the filing process as easy as possible and your accountant works one-on-one with you throughout the process to ensure your complete satisfaction.
3 main types of business entities – Partnerships, C-Corps, and S-Corps.
Partnerships
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing partnership return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states.
S-Corp
An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. This is not a default classification – rather, you must apply for it and be approved by the IRS.
The appeal of this classification is that it allows for decreased self-employment taxes on your individual return.
These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.
C-Corps
A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.
LLCs
An LLC often has state filing requirements. We support all 50 states. However, for federal purposes, you would be filing your LLC taxes on one of two forms: From 1040 Schedule C or Form 1065. If you are the only owner, partner, or member of your LLC, then you would report on Federal Form 1040 Schedule C.
If you have more than one owner, partner, or member of the business, then you would report on Form 1065, unless you have specifically incorporated as an S-Corp or other type of entity.
We constantly update our knowledge and keep ourselves current with the latest tax laws and develop new techniques to save our clients the most money on taxes. Click here to check the Credentials and Qualifications for Tax preparation experts.
At Lakeline Tax, we offer tax planning services for businesses at every stage. For new businesses, implementing the right tax strategy at the outset can make all the difference in profitability later on, so we create short and long-term tax plans that encourage sustainable profitability and growth.
We will review your current structure, utilize the latest accounting best practices, audit methodologies and recommend any changes needed to mitigate risk, stay complaint with the IRS to improve your profits. No matter what stage your business is in, we’ll be sure it’s positioned to take advantage of all tax deductions allowed under state and federal law. We watch for any revisions to tax legislation that might benefit our clients and make sure they take advantage of the savings they deserve.
Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee s, as well as the legal and compliance issues related to each type of plan.
Although many of our customers need our services only once a year, they know that we are always available to answer their tax planning and financial questions.
For many customers, we serve as an extension of their office or as a partner.
Business owners often need someone who understands their business well enough to give tax related advice. We provide all of these services with the same dedication that we bring to our own business.
At Lakeline Tax we offer affordable small business tax preparation, payroll, and other business services to help you succeed.
Click here to schedule an appointment and see how Lakeline Tax can find significant tax savings for your business.
For many of us, income taxes are the biggest single expense that we have in our lives yet we don’t make an intentional effort to legally cut our tax bill. We might try to get good deals on clothing items, etc. but we don’t think about how to legally slash our tax bill. Our business is different in that we concentrate and work only with small business owners to provide tax planning services. Our accounting firm specializes in helping your business maximize profits and pay the least amount of taxes legally possible. We also pay close attention to asset protection and we can help with incorporations and entity restructuring services.
Peace of Mind – just knowing that a professional enrolled agent is handling your taxes reduces stress. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; An IRS certified enrolled agent can help eliminate errors and ensure your returns are prepared correctly. You benefit with money-saving tax planning.
Click here to learn more...
Generally, a small business is not required to have a CPA or certified public accountant. A CPA would be needed if the small business must have its financial statements audited or reviewed in order to obtain a bank loan, to apply for a grant, to bid on a job, or some other unique requirement.
Click here to learn more about the benefits of having an Enrolled agents prepare your business tax returns…
An EA (Enrolled agent) is the highest credential the IRS awards. A professional with this designation typically makes between $15,000 and $20,000 more than CPAs annually. You’ll want to seek out an EA for any and all tax-related issues. In fact, the IRS says they are uncontested experts on such topics
Charges for preparing quarterly and year-end business taxes vary depending on the complexity, the size of the firm and the kind of business. Fees for preparing monthly, quarterly and annual payroll tax forms are usually included as part of a payroll service. Income taxes for a sole proprietorship with no employees are filed as part of the owner’s personal income taxes.
Rough estimate of hourly rates run $100-$400 for small and medium businesses; Generally a fairly simple income tax return for a partnership, corporation or a sole proprietorship with few or no employees starts around $600-$1000 and goes up to $1,500-$4,500 and more depending on complexity.
Tax consultants keep up with tax laws at the local, state, and federal levels, something you may find hard to do.
If you own a business, filing your taxes can be daunting, especially when you factor in things like sales taxes, which have to be returned several times annually. Trying to file your own taxes may be penny-wise, but pound foolish.
With a professional tax advisor, you’ll have a better understanding of your tax deductions and advice about making strategic investments that will help you avoid tax liabilities. An expert tax consultant will not only advise you on how to effectively save on taxes, but also improve your financial portfolio.
Most people file taxes at the end of each year, and it takes a lot of effort to ensure that everything is filed correctly.
You’d be surprised at the number of people fined for making tax mistakes or penalized for not filing on time. With a tax consultant, you don’t have to go digging up all your files, and double-checking everything is okay because they’ll do all that for you and on time. This means you’ll place your focus elsewhere.
Real estate tax laws can be complicated and our tax advisors can help you understand the tax laws related to your properties. It’s important to stay on top of your taxes. Proper preparation can make things much easier when it comes time to file your taxes. We can help to simplify the depreciation estimation process for your real estate business to maximize legally allowed depreciation.
We work with real estate developers, investors and small business owners of virtually all types.
This includes single-family, multifamily, and commercial investors of all sizes.
We’ve worked with clients with just a handful of properties to clients with dozens of properties.
You can be rest assured that you are getting the best bang for your buck.
Lakeline Tax provides tax preparation services for everyone including Individual Tax preparation, Self-Employed Tax Return, Partnership & Corporate Taxes, Book Keeping, Tax Planning, Tax Resolution. No matter what your needs require, you’ll benefit from our experience, expertise, and Friendly customer services.
Just knowing that a professional is handling your taxes reduces stress. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; An IRS certified enrolled agent can help eliminate errors and ensure your returns are prepared correctly. You benefit with money-saving tax planning.
Click here to learn more…
Just knowing that a professional is handling your taxes reduces stress. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; An IRS certified enrolled agent can help eliminate errors and ensure your returns are prepared correctly. You benefit with money-saving tax planning.
Click here to learn more…
3 main types of business entities – Partnerships, C-Corps, and S-Corps.
Partnerships
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing partnership return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states.
S-Corp
An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. This is not a default classification – rather, you must apply for it and be approved by the IRS.
The appeal of this classification is that it allows for decreased self-employment taxes on your individual return.
These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.
C-Corps
A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.
LLCs
An LLC often has state filing requirements. We support all 50 states. However, for federal purposes, you would be filing your LLC taxes on one of two forms: From 1040 Schedule C or Form 1065. If you are the only owner, partner, or member of your LLC, then you would report on Federal Form 1040 Schedule C.
If you have more than one owner, partner, or member of the business, then you would report on Form 1065, unless you have specifically incorporated as an S-Corp or other type of entity.
Real Estate Industry Specialists
Many people are interested in investing in real estate. Before you invest, ask yourself, do I know about real estate tax law and how to handle my real estate tax filings? Real estate tax laws can be complicated and our tax advisors can help you understand the tax laws related to your properties.
It’s important to stay on top of your taxes. Proper preparation can make things much easier when it comes time to file your taxes. Our real estate industry specialists can help you throughout the preparation and filing process to ensure your taxes get done right.
Depreciation Practices
You know what sounds good to everyone? Paying less taxes! Here at Lakeline tax, we’ve simplified the process for real estate investors looking to maximize their depreciation practices. Our Enrolled agents understands the subtleties of U.S. tax law so you can get back to spending time on what’s really important. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Our Enrolled agents are here to make your life easier so call today!