Partnership & Corporate Taxes​

Tired of paying huge amounts in business taxes? Increase your profits and enjoy financial stability with our smart tax-saving tips. Plus, worry no more with our Enrolled Agents’ audit defense services.

Maximizing business tax savings is imperative for any business to increase profits, reduce financial burden and even act as a cushion during challenging times. By leveraging deductible expenses, contributing to retirement accounts, utilizing tax credits, and creating a tax-efficient business structure, businesses can save significant amounts of money for important expenditures. 

Tips for Maximizing Business Tax Savings

As a business owner, it is vital to comprehend how to maximize your tax savings for favorable results. Deductible expenses can help lower your taxable income, and this can include costs such as advertising, travel, and office supplies. Retirement accounts contribute not only to securing your future but also to reducing tax liability. Tax credits for energy-efficient upgrades or hiring veterans can also offset your tax bill. By leveraging depreciation, businesses can deduct an asset’s cost each year. Additionally, creating a tax-efficient business structure such as LLCs or S Corps can significantly reduce taxes. However, tax laws and regulations are complex, so hiring an IRS certified Enrolled Agent can assist with tax planning, preparation, and other related activities. With their expertise, they peace of mind that your tax matters are in professional hands.

General Partnerships  Like Sole Proprietors, the business and its owners are treated the same. These business partners will divide their share of assets and liabilities according to their partnership agreement of percentage owned. Partnerships can be great for tax purposes when done correctly.
Limited Liability partnership Companies (LLC) The business and its owners are legally separate. LLCs are treated as a Single Member LLC or a Partnership for tax purposes.
S Corporations (1120S) A separate legal entity from its business owners like LLCs, S corps are pass-through entities so they are not subject to double taxation like C Corporations are. This allows for great tax flexibility.
C Corporations (1120) Corporations pay taxes on their income and then a second tax is paid on the owner’s dividends. C Corps are great for developing businesses that offer shares to their investors.
Non-Profit Entities (990) Non-profits are not subject to pay any federal taxes when they turn overall income to individuals or organizations who are lawfully recognized as charitable. Non-profits must file taxes to stay compliant.

Customized, Expert Tax Support

Why spend hours sorting through receipts and agonizing over taxes when you could invest that time in building your business?  We’ll handle your business taxes and minimize your work load and maximize your deductions.

Give us a call for professional, personalized advice from our Lakeline tax planning advisors, and even get assistance filing your business taxes. To learn more about Tax Planning strategies click here..

We make sure your business is tax compliant. We offer tax planning and education to assist start-ups, as well as established businesses.

Lakeline Tax provides tax preparation services for everyone including Individual Tax preparation, Business Tax preparation, 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 service.