Filing For LLCs and Partnerships
Owning a small business can be fulfilling, but when it comes time to file taxes it can be stressful and challenging. It takes a considerable amount of time to research the tax code and feel comfortable enough to prepare taxes on your own. In fact, the IRS reports that the average time spent learning about tax law and form 1065, which is the form used for LLC and partnership returns, is 22 hours and 48 minutes. That does not account for bookkeeping, preparing the form, or copying, assembling and sending the form off to the appropriate IRS Service Center. In addition to filing form 1065, most LLCs and partnerships also have to complete one or more schedules. Contacting a reputable accounting company that can prepare and file returns in your behalf not only saves you time, but it can save you money in the long run. You can also feel confident that your return will have the credentials of a top notch accountancy firm like Strategic Direction, Inc. backing it.
Our Forward Thinking Approach to LLC and Partnership Returns
The IRS recognizes LLCs and partnerships as “pass through” entities, meaning that they are not separate tax bodies. Instead they are considered to be connected to an individual tax return, and are vastly different from a corporation. The profits and losses that are experienced during the fiscal year “pass through” the LLC or partnership to the owners, and are reported on their individual tax returns. Federal income tax is not something that an LLC or partnership would have to pay, but taxes may be required on a state level.
Here, at Strategic Direction, Inc., we take time to learn about our clients and how we can save them money on taxes, but we are also forward thinking in our approach and look further down the road. We not only save our clients money on taxes, we also assist in the development of long-term goals to increase revenue, decrease expenses and get the company moving in the right direction.
What Sets Us Apart
Along with saving our clients money on taxes and providing a clearly defined way to achieve long-term financial goals, we also provide information and educational resources for our clients. Those who are members of an LLC or partnership, for instance, might benefit from knowing how they may be taxed at the end of the year so they can plan ahead and make wise finical decisions before tax season arrives. We also interact with our clients in a warm and friendly way, making the business of bookkeeping, accounting, and tax preparation more personal. You can also rest assured that when you are working with a Strategic Direction, Inc., you are in good hands.
Call Us Today!
If you are a member in a partnership or LLC, we can help you file your taxes and plan for the future. Call us at (818) 937-0888.