Business Taxation

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Business Taxation

At Haval Accountants Ltd., we offer comprehensive tax services tailored to meet the needs of businesses of all types. Whether you operate as a sole proprietorship, partnership, corporation, or S corporation, understanding your tax obligations is crucial.

Sole Proprietorship:

As a sole proprietor, your business income is reported on your personal tax return (Form 1040) using Schedule C. Our expert team can assist you in maximising deductions, tracking expenses, and ensuring compliance with IRS regulations to optimise your tax situation.

Partnership:

Partnerships are required to file an annual information return (Form 1065) to report income, deductions, gains, losses, and other pertinent information. We can help you navigate partnership taxation, including allocating profits and losses among partners and adhering to complex partnership tax rules.

Corporation:

C corporations are separate legal entities responsible for paying taxes on their income. They file Form 1120 to report their income, deductions, credits, and taxes owed. Our experienced tax professionals can guide you through corporate tax planning, compliance, and strategies to minimise your tax liability.

S Corporation:

S corporations pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. They file an informational return (Form 1120-S) and provide each shareholder with a Schedule K-1. Our team can help you navigate S corporation taxation, including eligibility requirements, shareholder distributions, and IRS compliance.

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Limited Liability Company (LLC)

LLCs can choose how they want to be taxed, either as a sole proprietorship, partnership, corporation, or S corporation. Depending on the chosen tax classification, different forms and filing requirements apply. Commonly used forms include Form 1065 (for partnership taxation), Form 1120 (for corporate taxation), Form 1120-S (for S corporation taxation), and Form 1040 (for sole proprietorship taxation). We can assist you in selecting the most advantageous tax structure for your LLC and ensuring compliance with IRS regulations.