Why Choose Us?
- In short: we will help you avoid costly mistakes, prevent penalties, and eliminate accounting stress.
Our Focus: Business Tax Returns
We cater to small business owners making sure that their business tax returns are filed accurately and on time. Our expertise covers essential federal and California tax forms:
Federal Business Forms:
- Form 1120-S – Used by S-Corporations to report income, deductions, and credits to the IRS.
- Schedule K-1 –Provides shareholders/partners with information on their share of income and deductions that go on their personal return.
California State Forms:
- Form 100S – California’s version of Form 1120-S for S Corporations.
- Estimated Tax Payments – S and C Corporations in California must make estimated payments, including the $800 minimum franchise tax.
We are also very well versed in individual tax returns (forms Federal 1040 and California 540) and prepare them for our business clients as well.
Stay Ahead of Filing Deadlines
S-Corporations and partnerships must file their federal tax returns by March 15 each year. If you need more time, we can request an extension on your behalf, which gives additional six months to file the return. Remember, this extension only applies to filing, not to paying any taxes owed. If you don't extend your return and file your tax returns later, you will be subject to the late filing penalties.
For 2023 tax year, the federal penalty for S Corp's late filing is $235 per month per shareholder, up to 12 months. This means that if the S-Corp has two shareholders, the penalties will double, if it has three - the penalties will triple. Of course, the IRS offers the first time penalty abatement option, but the abatement is not always granted. California also has its own penalties for late filing. Our firm sends deadline reminders to help you stay on track and avoid costly penalties.
Expertise You Can Trust
Preparation of business tax returns is complex, but at our CPA firm, we handle all the work. We have over 10 years of tax experience working exclusively with small business owners in the state of California.
Personalized Service
Every business is unique, and so are its tax needs. We are a boutique CPA firm and we plan to stay that way. We are selective in taking on clients, which allows us to provide an individualized approach to the clients we serve. Our personalized approach means you're not just a number to us—we work as your financial partner.
- Contact us now to schedule your free consultation and discover how we can help you with your tax preparation needs.