TAX PLANNING & PREPARATION
Sensible Tax Solutions Designed for You
Rogue Tax Professionals offers tax accounting services with the primary goal of mitigating our clients’ tax liability and by reducing their risk of tax audit.
While we serve businesses and organizations of any size, we are particularly suited to assist entrepreneurs that are in the concept, launch, or growth phase of their business development.
With our expertise and guidance, we can lift the bureaucratic burdens from the shoulders of our clients, so that they can continue to focus on their business success.
S Corporation Tax Returns (1120S)
The S Corporation is a tax beneficial entity;however, it requires more sophisticated accounting and compliance. Either way if properly utilized it is always a win win for our clients.
Partnership Tax Returns (1065)
A business that has more than one owner that is not also a corporation is a partnership. If the partner is not a spouse then business owners must file a partnership return, which can be complicated.
Partnerships can be tax advantageous because they are very flexible in terms of allocating ownership & deductions. However, all profits are subject to Self-Employment Tax.
Sole Proprietor Tax Returns (Schedule C)
A Sole Proprietor is the default designation for a business that has not been organized as either a Corporation or Partnership. It is by far the easiest entity to maintain, requires the least amount of accounting, and is subject to fewer rules than other entities.
Earnings from Sole Proprietorships are not considered separate from the owner’s income. The business activity is reported on a schedule C which is part of the owner’s individual income tax return; all earnings are subject to Self-Employment Tax.
Individual Income Tax Returns (1040)
All monetary benefit received by an individual is considered income and is potentially taxable by the IRS, unless it is explicitly excluded from income.Receipt of material goods or services are also considered income.
Every individual or married couple who has income is required to file an Individual Income Tax Return, unless their income does not reach certain thresholds set forth by the IRS, in which case they are not required to file.
Limited Liability Companies (LLC)
A Limited Liability Company is not considered a taxable entity by the IRS. An LLC is a state designation that is taxed as a Sole Proprietorship, Partnership, or S Corporation.
STARTUP CONSULTING & TAX PLANNING
Before the first year of business has been concluded it is very important that business owners meet with a tax professional. A tax professional can provide a business owner with insight on their potential tax liability, and how to minimize it. Probably the most valuable service a tax professional can provide is information on how to first avoid an IRS audit and second how to protect themselves if an audit occurs.
ENTITY STRUCTURE & FORMATION
There are a variety of ways a business can be structured, and each business entity has it’s pros and cons.
A tax professional can educate a business owner on which entity would be best for their business, properly setup the entity, and educate them on how to comply with the requirements of the entity.