Tax Preparation
TAX PREPARATION
Every contractor wants the lowest legal tax bill. We prepare your returns from a tax plan built during the year, so the strategies we put in place for your company actually show up on the return and keep more cash in your business.
We prepare and file your business and personal returns so you stay compliant with federal, state, and local rules, including multi-state filings for contractors who work across state lines. Our virtual firm handles it all without you leaving the jobsite or office.
We meet with every client virtually via zoom call to determine the specific needs of your business, and what personal goals we can help you achieve. Payless Taxes offers a FREE 30-minute consultation to review your situation and to explore how we might be able to help you!
WHAT WE OFFER
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S Corporations (Form 1120-S)
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Partnerships (Form 1065)
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LLCs
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Owners' personal returns (Form 1040)
S CORPORATIONS AND LLCS
Most of our contractor clients operate as S corporations or LLCs taxed as S corporations. We prepare Form 1120-S, track shareholder basis and distributions, review reasonable compensation, and make sure your accounting method, retainage, and over and under billings are handled correctly on the return. We also make sure your entity choice still fits as your company grows and your bonding program expands. Common areas we help with:
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Shareholder basis and distributions
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Reasonable compensation
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Accounting method elections
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Equipment depreciation
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Taxation, preparation and planning
TAX PREPARATION FOR PARTNERSHIPS
Partnerships are one of the most complex entity types. How the operating agreement is written and how the return is filed can mean real tax benefits or costly surprises. We prepare Form 1065 and K-1s for contractor partnerships and help partners avoid the common pitfalls.
Basis calculations/Reporting schedules
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Formation and articles
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Partnership & Operating agreements
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Structure / Planning
Auto usage/health insurance premiums
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Taxation, preparation and planning
These agreements are one of the most important parts of a partnership, and it is important that you know what they mean to your business! We can help!
PERSONAL RETURNS FOR CONTRACTOR OWNERS
Your personal return is where your K-1 income, distributions, and estimated payments come together. We prepare it alongside your business return so nothing falls through the cracks. Let us know if any of these apply to you:
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K-1 income from your company
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Quarterly estimated taxes
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Rental properties or real estate investments
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Retirement plan contributions
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Multi-state income
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Charitable giving
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Taxation, preparation and planning
ENTITY REVIEW AND RESTRUCTURING
Has your company outgrown its original structure? As contractors grow, the entity that made sense at startup can start costing you in taxes or complicate your bonding. We review your current setup and explain your options, from S corporation elections to holding companies for equipment and real estate, so you can choose the structure that fits where your company is going.
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Entity and S corporation election review
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Reasonable compensation analysis
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Holding companies for equipment and real estate
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Owner buy-ins and succession planning
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Tax projections for each option
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Coordination with your attorney, CPA, and bond agent
We put together a clear recommendation so you can make the change with confidence:
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A review of your current structure, growth plans, and bonding goals
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Tax projections comparing each option so you can see the savings
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A 30-minute walkthrough with our tax team so you know exactly what to do next