Business Tax Planning and Preparation

Business tax planning

Year-round tax guidance to help you make informed business decisions, anticipate tax obligations, and plan ahead.

Year-end tax planningReview your projected tax position and identify planning opportunities before year-end.
Equipment and asset purchasesEvaluate the tax implications of major purchases, including timing, depreciation, and expensing options.
Owner compensation and distributionsUnderstand how salaries, draws, and distributions affect business and personal taxes.
Estimated taxes for ownersPlan quarterly estimated tax payments for business income reported on your personal return.
Hiring decisionsAssess the tax implications of hiring employees or engaging independent contractors.
Entity structureEvaluate how partnership, S corporation, or C corporation tax treatment affects your business and its owners.
Buying, selling, or closing a businessPlan for the tax implications of a business acquisition, sale, or closure.

Federal and state tax preparation for partnerships and corporations, coordinated with owners' personal returns when needed.

Partnership returnsPreparation of Form 1065 and Schedule K-1 for each partner.
S corporation returnsPreparation of Form 1120-S and Schedule K-1 for each shareholder.
C corporation returnsPreparation of Form 1120.
LLCs and other business entitiesPreparation of applicable returns based on the entity's tax classification.
State business returnsPreparation of applicable state returns alongside your federal filing.
Owners' personal returnsCoordinated business and individual tax preparation to ensure consistent reporting of Schedule K-1 income and other tax items.
IRS and state tax noticesReview of notices received from the IRS or state tax authorities and preparation of responses.
Amended and prior-year returnsCorrection of previously filed returns and preparation of outstanding prior-year returns.
Filing extensionsPreparation of extension requests and estimates of tax payments due by the original filing deadline.

Bring what you have. We'll help you identify anything else you need.

Your most recent business tax return and the owners' personal tax returns
Questions or concerns you would like to discuss
Any notices received from the IRS or state tax authorities
Details of significant business changes, including ownership changes, major purchases, hiring, or new locations

Year-end financial statements or access to your bookkeeping records
Year-end bank, credit card, and loan statements
Records of equipment, vehicles, or real estate purchased or sold during the year
Payroll reports and copies of any Forms 1099 issued
Records of owner contributions, draws, and distributions
Records of estimated tax payments

Let's connect

Have a question or ready to get started? Give Ryan Cornell, CPA a call. We'd be happy to hear from you and find a time to meet.