What Tax Form does an LLC file?
State laws vary since entities like corporations and LLC's are formed at the state level. As far as the IRS goes, the default LLC tax filings are sole proprietor (From 1040 Schedule C) for a single member LLC or Form 1065 Partnership for a multi-member LLC. You can file Form 8832 to have the LLC treated differently for tax purposes. For example, if you want the LLC to be taxed as a corporation, form 8832 would be filed to request corporate tax status and form 1120 corporate income tax would be filed. . If you want the LLC to be taxed as an S-Corporation you would file form 2553 along with the 8832 and file income tax form 1120S.
What is an S-Corp?
An S-Corp is a corporation that is formed under state laws, but taxed like a corporate/partnership hybrid. Like a partnership, the profits of an S-Corp are passed through and reported on the shareholders Form 1040, schedule E. like a regular (C-Corp), an S-Corp is allowed to deduct shareholder/officer salaries as expenses. The appeal of an S-Corp is minimizing social security and medicare taxes, and avoiding double taxation of income and profit distributions.
Do you take on start-ups as clients?
We evaluate each potential client for how well that client will fit into our philosophy and business model. It doesn't matter wether you have been in business for years or are just starting.
How much are your Fees and do you take credit cards?
Our fee varies with the unique needs of each client. Our business model is to charge a flat monthly retainer amount. We direct draft the fee from our clients checking account each month. We do not take credit cards.
Can you provide references
We have public-type reference we can and will provide. We will not provide our clients as references in order to protect our own and our cleint's confidentiality.