Professional Business Tax Preparation in Centennial
As a business owner, handling the day-to-day operations of your company is complicated enough without the addition of tax preparation. The responsibilities associated with tax preparation require time and attention that pull you away from what matters most. At Juvotax CPA, we are passionate about easing the financial burden of business owners through skillful and meticulous tax preparation.
Our tax team has helped countless clients achieve their financial goals through excellent tax preparation, and we want to do the same for you. We have an in-depth understanding of the tax landscape for companies and can help you save money through careful actions, including tax deductions and entity selection. Our team is excited to meet you and help you take the first step toward protecting your hard-earned money.
Since 2012, we've had the privilege of offering our business tax services to Centennial, Greenwood Village, and the greater Denver area. If you are interested in gaining a trusted tax ally you can rely on, contact our office today for your free consultation!
Why Does Efficient Tax Preparation Matter?
Do I need to file additional forms? Were they any mistypes? Did I miss the tax deadline? Each year, numerous business owners ask themselves similar questions. Tax preparation can seem overwhelming as multiple moving parts can be challenging to track. Our efficient Centennial business tax services take the guesswork out of tax season and provide your company with a solid financial direction.
When you trust Juvotax CPA with your taxes, you are getting the help of our experienced professionals who know how to utilize efficient processes. Our commitment to accuracy means that we double and triple-check forms and minimize the chance for error. Additionally, we have extensive experience with tax law and will track changes at the local, state, and federal levels. If any tax law changes may have financial implications for your company, we will contact you and discuss your options.
Our Adaptable Approach
Our firm prides itself on adapting our services to meet your exact needs. If you're a hands-on business owner that would like to be involved in your tax preparation, we'll work closely with you to provide valuable support. Conversely, if you would like to focus more on your company and want to increase our tax involvement, we'll keep you informed every step of the way.
We enjoy taking the time to understand your company financially. We'll sit down with you and discuss everything from the latest IRS regulations to your tax preparation expectations. Our objective is to view your company's entire financial picture to understand better how to fine-tune our services to help it succeed.
Tax Implications for Your Entity Type
A hallmark of successful companies is choosing an entity type that works for them instead of against them. Your company's entity selection plays a crucial role in determining personal liability, how you are taxed, and the types of tax deductions you can claim. Whether you are a new or experienced company, it can be beneficial to understand the strengths of each entity type and which one you benefit from the most. Our Centennial business tax preparation professionals will discuss your options to find the perfect fit.
Some entity types and their strengths include:
- Sole Proprietorship: A popular entity type, a sole proprietorship allows financial flexibility and a low legal threshold. Sole proprietors report their income and expenses through their personal tax returns, simplifying the number of needed forms. Additionally, you can deduct the cost of health insurance for yourself, your spouse, and any dependents.
- Partnership: This entity type involves two or more partners and is favored for not being subject to corporate income tax. Profits for partnerships are only taxed at the personal level. Partnerships are known for being flexible and can split ownership, income, and voting rights between members.
- C Corporations: This entity selection allows owners to pay taxes on profits earned through shareholders' tax returns. Shareholders are not liable for the company's debts. C corporations are one of the few entity types that can deduct charitable contributions as a business expense.
- S Corporations: Companies favor this entity type for its ability to have up to 100 shareholders. S corporations allow for estate planning and liability protection that can save you money over time. S corporations have greater tax flexibility for health insurance tax savings and self-employment tax savings.
- Limited Liability Company (LLC): This entity can choose to submit their taxes as a single-member LLC, corporation, or partnership. LLCs allow you to avoid double taxation associated with other entity types while offering numerous tax deductions, including the cost to form the LLC.
Critical Tax Forms We Handle
One of the more overwhelming aspects of tax preparation is understanding which forms you need to fill out. Our Centennial business tax preparation team will not only prepare all the forms you need, but we'll help you organize your financial documents so that filling them out requires less time. Some of the forms we can help you prepare include:
- Schedule K-1 (Form 1065): This type of tax form can vary depending on whether it's for a partnership or S corporation. If the form comes from a partnership, each partner must file a Schedule K-1 separately. S corporations only need to file it once. Our tax team has spent years helping businesses with K-1 forms and understand its unique requirements.
- Schedule C (Form 1040): Sole proprietors require a Schedule C to report income or losses. A Schedule C has five parts that require information, including your net profit and inventory purchase costs.
- Form 1120: This five-part tax form is necessary for c corporations and LLCs filing as corporations. Additionally, Form 1120 is not required for subchapter s corporations.
Reliable Tax Preparation for Centennial Businesses
At Juvotax CPA, we enjoy helping businesses succeed financially through accurate and timely tax preparation services. For years, our staff has served Centennial and its surrounding communities. We can't wait to meet you to help turn tax season from a headache into a cost-saving opportunity. Contact our office today to schedule your free consultation!