S Corporation / Partnership Tax Returns

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Our expert team of tax professionals is well-versed in the complexities of the tax code, ensuring precise and timely filings. We provide personalized guidance to navigate the ever-changing tax landscape, maximizing deductions and credits while ensuring full compliance. 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\” st_title_tag=\”h3\” st_subtitle=\”Streamline your LLC\’s tax management with Apex Financial Solutions\’ virtual tax preparation services. Utilizing cutting-edge technology, our seasoned professionals simplify complex tax codes, maximize deductions, and deliver precise financial analysis. 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css=\”.vc_custom_1754290292814{margin-top: 40px !important;}\” css_mobile=\”.vc_custom_1754290292816{margin-top: -15px !important;}\”][vc_single_image image=\”11853\” img_size=\”\” alignment=\”center\” css=\”.vc_custom_1754289849409{margin-top: -30px !important;}\”][/vc_column_inner][/vc_row_inner][vc_toggle title=\”Are there any state-specific filing requirements?\” css=\”.vc_custom_1731953655238{margin-right: 60px !important;margin-left: 60px !important;}\”]Yes, some states have additional filing requirements or taxes for S Corporations and Partnerships. Be sure to check your state’s regulations.[/vc_toggle][vc_toggle title=\”Do S Corporations or Partnerships pay federal income taxes?\” css=\”.vc_custom_1731953682725{margin-right: 60px !important;margin-left: 60px !important;}\”]

  • S Corporations: No federal income tax is typically paid by the S Corporation itself. Instead, shareholders pay tax on their share of the income.
  • Partnerships: Similarly, Partnerships do not pay federal income taxes. The income is passed through to partners who pay taxes individually.

[/vc_toggle][vc_toggle title=\”What is the “reasonable compensation“ rule for S Corporation owners?\” css=\”.vc_custom_1731953718405{margin-right: 60px !important;margin-left: 60px !important;}\”]S Corporation owners who perform services for the corporation must pay themselves a \”reasonable salary\” subject to payroll taxes before receiving distributions.[/vc_toggle][vc_toggle title=\”Can an LLC elect to be taxed as an S Corporation or Partnership?\” css=\”.vc_custom_1731953745653{margin-right: 60px !important;margin-left: 60px !important;}\”]Yes, LLCs can choose to be taxed as either an S Corporation (by filing Form 2553) or a Partnership (default classification for multi-member LLCs).[/vc_toggle][vc_toggle title=\”How do I report health insurance premiums for S Corporation shareholders?\” css=\”.vc_custom_1731953779787{margin-right: 60px !important;margin-left: 60px !important;}\”]For 2% or greater shareholders, health insurance premiums should be included as wages on Form W-2 but are exempt from Social Security, Medicare, and FUTA taxes. Shareholders may then deduct premiums on their personal tax returns.[/vc_toggle][/vc_column][/vc_row]