Organization and Preparation Of Business Taxes and Filing Services
For many business owners and organization leaders, tax preparation and filing is a necessary, but often dreaded, chore. Depending on the complexity of tax issues, filing and preparation can even distract from the operation of the business or organization.
Effective businesses know that the key to success is knowing team members’ strengths and letting employees do what they do most efficiently. When it comes to business taxes and tax preparation for organizations, consider Gudorf Tax Group a part of your team. Our experienced business tax preparation professionals can take this task off your plate and allow you to focus on what you do best: running your business, non-profit, or not-for-profit organization.
Business Tax Services
Gudorf Tax Group’s business clients include C corporations, S corporations, LLCs, partnerships, and sole proprietorships. They operate in a variety of industries, including manufacturing, agriculture, technology, hospitality, healthcare, transportation, retail, and more. One thing they have in common is the need for trusted assistance with their business tax obligations.
Business Tax Preparation and Filing
Filing business taxes can be time-consuming and complex; errors and late filings can be costly. The peace of mind that comes with the knowledge that your business tax filing is being competently managed is priceless.
Gudorf Tax Group regularly assists businesses with federal, state, and local business tax preparation and business tax filing, including:
- Form 1120 U.S. Corporation Income Tax Return
- Form 1120-S, U.S. Income Tax Return for an S Corporation (also used for LLCs filing as an S Corporation), including Schedule K-1
- Form 1065, Return of Partnership Income
- Preparation and filing of federal payroll tax forms and state payroll tax forms for all 50 states
- Generation of W2 forms and 1099 forms for employees and contractors
Tax Planning for Businesses
In addition to business tax preparation and filing business taxes, Gudorf Tax Group helps clients with tax planning. There are many things a business can do to minimize its tax liability within the framework of local, state, and federal tax law.
Our tax professionals can review your company’s financial picture and analyze the potential for reducing its tax burden. Your company may be eligible for tax credits, deductions, and exemptions which could save hundreds, or often thousands, of dollars. Working with a knowledgeable professional for business tax planning is an investment in your company’s overall financial well-being.
Compliance and Regulatory Guidance for Businesses
If you are running a business, the last thing you have time to do is to stay updated on changes to the business taxes code. The business taxes professionals of Gudorf Law Group remain up to date with the ever-evolving tax regulations that apply to all types of business entities. We advise our clients as to changes in their obligations, new opportunities for tax savings, record retention obligations, and new tax requirements relevant to their particular industries.
Nonprofit Tax Services
Nonprofit organizations such as churches, charities, and other entities formed for public benefit are exempt from paying tax under Section 501(c)(3) of the federal Internal Revenue Code (IRC) and state tax laws. However, that tax-exempt status is not automatic; in order to avoid taxation, a nonprofit organization must comply with IRS requirements, including filing of certain tax documents. Most, but not all, nonprofits must file an informational tax return (Form 990).
Filing the appropriate IRS Form 990 enables the Internal Revenue Service to evaluate the nonprofit’s operations and finances to ensure that it continues to meet the criteria for tax-exempt status. Failure to comply with required tax filings can result in loss of this valued status; tens of thousands of nonprofits lose their tax exemption annually because they do not file the required tax forms for nonprofits.
When that happens, the organization not only has to pay tax on its income, but it may receive less income to begin with. When an organization loses its 501(c)(3) tax-exempt status, donations to the nonprofit are no longer tax-deductible to the taxpayer who made them. Accordingly, many people will choose to donate instead to an organization from which they receive a tax benefit.
At Gudorf Law, we will advise you as to whether your nonprofit is required to file Form 990, and if so, which version of the form must be submitted. We will ensure that your informational tax return is filled out completely and accurately, and filed in a timely manner so as to protect your tax-exempt status.
The Bottom Line
As the head of a business or nonprofit, you are experienced in delegating tasks to team members best suited to complete them. To get experienced business taxes professionals on your organization’s team, and remove organization or business taxes filing from your to-do list, schedule an appointment today with the accounting and tax preparation professionals at Gudorf Tax Group.