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.
Lakeline tax offers a wide range of services for business partnerships and corporations, from tax planning to help with back taxes and tax representation for audits. You can count on them to guide you through complex tax laws, represent you during IRS audits, assist in responding to IRS notices, and even provide appeals representation. Their expertise will undoubtedly optimize your business tax savings for Partnership and Corporate Taxes. Do not hesitate to seek assistance from an IRS certified Enrolled Agent to gain professional guidance and secure your business.
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IRS Representation Services
IRS audit can be a nightmare for businesses. But with IRS Representation Services offered by an enrolled agent, you can rest easy, knowing you have a supportive legal partner by your side to help you deal with complex tax issues. Our Lakeline tax Enrolled agents can represent you during IRS audits, respond to IRS notices, resolve tax disputes, and even provide appeals representation. They are experts in tax laws and regulations and can provide you with the necessary protection needed to safeguard your interests.
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.
Will you get audited?
Small business owners 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 question is, when you are audited, will you able to handle it? Is your tax preparer capable of representing you if you are audited? We will be here for you, and we are IRS certified Enrolled agents represent you in front of the IRS.
- IRS Certified Enrolled agents with more than 20 years of experience who knows the latest in tax laws like the backs of their hands.
- 100% Accuracy guaranteed. Expert tax preparation for General Partnerships Like Sole Proprietors, Limited Liability partnership Companies (LLC),
S Corporations and C Corporations (1120), back tax preparation, and amended income tax preparation and tax planning services.
- High Security – As a valued client, you get a secure, password-protected portal to upload and access your important financial documents from anywhere at any time.
- Connect with us thru the mobile-app and send messages securely within our tax portal.
- We have your Back – Year-round. We are not part timers who swoop in to help just during tax season.
We provide year round service with tax preparation, tax planning, IRS representation and bookkeeping.
Give us a Call today @ 512-335-8037