If you are a small business owner either going at it alone or maybe working with a handful of employees, then Erwin CPA Group will be just the right fit. Whether you are just starting out or have been in business for awhile and have come to realize that your tax issues are a little more than you want to handle by yourself, then give us a call. We prepare business tax returns for partnerships or corporations that file either Form 1065, 1120 or 1120S.
Preparation of S-Corp and Partnership returns includes maintaining your basis schedules and giving you year end journal entries that allow you to correct your financial records to match up with your tax return. Basis schedules are important for a number of reasons. One reason is that in some cases, depending on your tax basis in your partnership or S-Corp, not all deductions are in fact deductible in the year they occur. That doesn't mean you won't eventually get the deductions, it just may mean carrying the deduction forward to another tax year. We maintain your basis schedule to make sure this is done correctly. Another important reason to maintain a basis schedule is in case you may someday either sell part or all of your shares or partnership interests. An accurate basis schedule makes sure you don't may too little or too much tax after the transaction.
For those clients who have not formed a partnership or corporation and are operating as a sole proprietor, we can also prepare Schedule C as we prepare your 1040 personal tax return.