Businesses fall into a number of categories: Sole Proprietorships, Partnerships, LLCs, and S and C-Corps. TaxPanacea Associates offers return preparation for all but C Corporations.
Sole Proprietorships – Schedule C
Most small businesses with only one owner are able to file their business income tax return along with their personal return, using Schedule C for Form 1040. TaxPanacea Associates LLC can help you find all of the legal deductions you are entitled to, and will spend time with you discussing your business and how you might improve your bottom line.
Partnerships (Form 1065) and S-Corporations (Form 1120S)
If your small business has more than one owner, it will probably be classified as either a Partnership or as an S Corporation. TaxPanacea Associates LLC can assist you with preparing your income tax filings (Form 1065 for Partnerships, Form 1120S for S Corporation), as well as your initial S Corp election. Whether a partnership or an S Corporation, we will work with you to make your business as profitable as possible.
While TaxPanacea Associates LLC is not a bookkeeping service, we can help you to set up your books, train you in the use of the various bookkeeping software packages, or even set up basic spreadsheets for you using Excel or any similar program.
In certain circumstances, we can also provide emergency help to clean up messy financial records.
Payroll is the one aspect of business that can literally bring your small business to its knees. TaxPanacea Associates offers payroll services to its business clients as a value added. We will assist you in setting up your own payroll, and then will monitor your progress, making sure that all payroll filings are made in a timely fashion.