Owning a business in CA means you are subject to tax regulations that are sometimes quite different from other counties in New York. At Smart Services Tax, we believe that it is important to work with a local tax service that will allow you to take the most benefit from CA unique tax regulations.
While many people believe that setting up an S-Corp is the best option for CA business taxes, this is not always the case. Generally, S-Corps are a great way for business owners to avoid double taxation, but because CA tax regulations differ from other counties, it is often in the best interest of the owners to dissolve their S-Corp and form an LLC. If you have questions about the differences between these types of corporations or which option is best for you, Smart Services Tax can help.
At Smart Services Tax, we have extensive experience in both LLC formation and LLC tax preparation. Forming an LLC usually provides many benefits to a business owner – in addition to limiting your financial liability, it also provides a flexible management structure that can accommodate the needs of your business as it continues to grow. Combine that with a potential for savings on total taxes owed, and it’s easy to understand why LLCs are such a popular choice for businesses in the five boroughs of CA.
If you’ve recently formed an LLC that you treat as a partnership, Smart ServicesTax can help you make sense of the filing process, which includes preparing Federal & State partnership tax returns, CA Unincorporated Business (UBT) Tax Returns, and last but not least K-1 forms that include your share of income or loss from the LLC and any applicable guaranteed payments.
Whether you have a C-Corp, an S-Corp, an LLC or a partnership, Smart ServicesTax can create a tax strategy for your business that can save you money while also planning for future growth. If you’re interested in learning more about how customized business and corporate tax strategy can benefit you and your business, complete our brief online form in the sidebar.