S Corporation / Partnership Tax Returns

Maximize your S-Corp tax benefits and minimize potential risks—let our experts optimize your return for maximum savings.

Strategic S-Corporation Tax Solutions

At Sparrow Accounting, we offer a tailored tax return preparation service specifically designed for S-Corporations. Our expert team of tax professionals is well-versed in the complexities of the tax code, ensuring precise and timely filings. We provide personalized guidance to navigate the ever-changing tax landscape, maximizing deductions and credits while ensuring full compliance. With Sparrow, your S-Corporation's tax strategy is in capable hands, optimizing both savings and long-term financial health.

Elevate Your Tax Strategy, Focus on Growth

Streamline your LLC's tax management with Apex Financial Solutions' virtual tax preparation services. Utilizing cutting-edge technology, our seasoned professionals simplify complex tax codes, maximize deductions, and deliver precise financial analysis. From comprehensive state and federal filings to tailored support and ongoing guidance, we provide the expertise you need for compliance and confidence year-round.

Our Services

Individual Tax

C Corporation Tax Returns

S Corporation / Partnership Tax Returns

Tax Planning & Advisory

Services Offered

Dedicated Guidance

Expert advice tailored to your specific tax requirements.

Strategic Tax Planning

Innovative strategies to minimize tax liabilities effectively.

Tailored Solutions

Custom approaches designed for your unique business structure.

Year-Round Support

Access to ongoing expertise for all tax-related concerns.

Regulatory Expertise

Comprehensive understanding of partnership and S corporation tax laws.

Efficient e-Filing

Hassle-free submission of accurate, compliant tax returns.

Audit & Appeal Assistance

Professional support and representation during IRS audits.

Cutting-Edge Technology

Utilizing advanced systems to ensure precision and efficiency.

FAQ's

Are there any state-specific filing requirements?

Yes, some states have additional filing requirements or taxes for S Corporations and Partnerships. Be sure to check your state’s regulations.

Do S Corporations or Partnerships pay federal income taxes?

S Corporations: No federal income tax is typically paid by the S Corporation itself. Instead, shareholders pay tax on their share of the income.
Partnerships: Similarly, Partnerships do not pay federal income taxes. The income is passed through to partners who pay taxes individually.

What is the "reasonable compensation" rule for S Corporation owners?

S Corporation owners who perform services for the corporation must pay themselves a “reasonable salary” subject to payroll taxes before receiving distributions.

Can an LLC elect to be taxed as an S Corporation or Partnership?

Yes, LLCs can choose to be taxed as either an S Corporation (by filing Form 2553) or a Partnership (default classification for multi-member LLCs).

How do I report health insurance premiums for S Corporation shareholders?

For 2% or greater shareholders, health insurance premiums should be included as wages on Form W-2 but are exempt from Social Security, Medicare, and FUTA taxes. Shareholders may then deduct premiums on their personal tax returns.