Palazzo & Company provides financial information and tax planning for every time of business entity anywhere in the United States Territories.
BOOKKEEPING SERVICES (MONTHLY/QUARTERLY/ANNUAL)
GENERAL LEDGER REVIEW
FINANCIAL STATEMENT PREPARATION
FULL PAYROLL SERVICES
SALES TAX PREPARATION RETURNS & FILING
BUSINESS TAX RETURN & FILING
NONPROFIT AUDITS & RETURN PREPARATION
QUICKBOOKS TRAINING CLASSES
DID YOU KNOW?
Some business entities require a separate tax return, while some are generally a part of your personal tax return. Some common types of entities:
When a business has only one owner and you have not set up a corporation. A single member LLC also falls into this category. Certain married couples who jointly run a business may be able to file this way. This type of entity generally does not need to file a separate return, and the activity is a part of your personal return.
Partnership – When two or more taxpayers start a business, and a corporation is not set up, it is generally considered a partnership. This type of entity is required to file a separate tax return. Once the partnership begins doing business, a return must be filed each year. A tax form, known as a K-1, is generated from the return. This K-1 is then used for each individual’s personal tax return. This is known as a flow-through entity.
This type of entity has become very common, and many taxpayers find it easier on the small business owner than a standard corporation. Once you have set up a corporation, you can make an election to be treated as an S-Corporation. A separate tax return must be filed each year once set up with the IRS. A tax form, known as a K-1, is generated from the return. This K-1 is then used for each individual’s personal tax return. This is known as a flow-through entity.
This is also known as a C-Corporation. A separate tax return must be filed each year once the corporation has been set up. The income is taxed through the corporation, not through the owner’s personal return. When the owner takes money out of the corporation, these are dividends, which are then taxed on the personal return.
There are numerous type of non-profit entities. Many require a separate tax return to be filed each year, while others simply require a yearly reporting form. We can help you figure out what you need!
Whether you are overseas or right around the corner, we can take care of your business tax and accounting needs. We can customize our services to a variety of different companies, including established companies and start-ups. Augmentation with current staff or complete sourcing opportunities are available. Our knowledge and experience can help your company become a more efficient and effective competitor in the overseas market.