Business Tax Returns and Planning
Smart tax management and planning is more than just saving on taxes or keeping the IRS from auditing you. It is vitally connected to the way you prepare your accounting records and the way you plan to buy your assets. No one wants to be audited, but there is much more you can do if you take a proactive approach to tax planning—with the right CPA partner.
As your partner, we take an active role in your tax position now and in the future. With expertise in all types of business returns, including corporate, non profit, and partnership, we focus on optimizing your position and exposure, regardless of the structure of your business. We also have expertise in working with individual and trust tax issues. We make it our goal to stay informed on the latest laws and regulations so we can not only help you stay in compliance, but also make you aware of opportunities to reduce your tax burden.
With HMC, business tax planning includes working with your internal team to get a thorough understanding of your situation, including a review of three years of prior returns (and for business clients, looking at the financial statements from which the tax returns were produced). We can compile financial statements for you should you need this service. Many of our clients need this due to their bank loans and because they do not have in-house controllers. We interview you to discuss your tax situation, where we bring up questions and concerns. Armed with this knowledge, we create and put a plan in place whose goal is to have you pay the least tax possible.
For business clients, we have decades of experience in developing solid financial information, applying all relevant tax laws, and planning for the future so you can stay ahead. The goal is no surprises!
Since our inception, HMC has handled partnership returns. Partnerships should be reviewed carefully for distributions, profit allocations and negative capital account rules according to their operating agreement rules. Any tax return should not be completed until the partnership agreement has been thoroughly studied.
If your company is organized as an LLC, it can be taxed as a partnership or a corporation. Many businesses operate as a single-member LLC, which is filed as a Schedule C on an individual 1040 return. We will ask you the important questions to best understand the appropriate structure for your company and the individuals who own it.