Business Tax Preparation in Raleigh for LLCs, S Corps and Corporations

The business return is where a year of decisions gets reported, and where mistakes cost the most. The right form, a reasonable owner salary, every deduction the business earned, and a filing the IRS will not question. Prepared from clean books, by the Enrolled Agent who will answer for it.

Business returns we prepare in Raleigh

North Carolina also levies a franchise tax on corporations and S corporations, reported on the same state return. We handle it with the federal filing so nothing is missed.

S corp tax return (Form 1120-S)

The return most Raleigh owner-operators end up filing once the business is profitable. Reasonable salary, distributions, the accumulated adjustments account and K-1s that land correctly on each owner’s Form 1040.

Partnership tax return (Form 1065)

Multi-member LLCs and partnerships. Profit and loss allocated by the operating agreement, guaranteed payments handled, K-1s issued, and the NC D-403 filed alongside.

LLC tax filing: single-member and multi-member

A single-member LLC with no election reports on Schedule C; a multi-member LLC files as a partnership unless it has elected S corporation treatment. We confirm which applies before any work starts, and file the election if a change would save money.

C corporation returns (Form 1120)

Less common for small businesses, but the right answer for some. Corporate income tax, the NC CD-405, and planning around salary and dividends so the owners are not taxed twice on the same dollar.

What is included

• Federal and North Carolina business returns, e-filed
• K-1s issued to owners and carried onto their personal returns
• Depreciation and expensing elections chosen for your situation
• Qualified business income deduction calculated and documented
• Reasonable salary review for S corporation owners
• Estimated payments set for the coming year
• Extensions filed when the books are not ready, with the payment estimated
• Representation by an Enrolled Agent if the IRS asks about the return

Clean books make a cheaper, safer return

Most of the cost and most of the risk in a business return comes from the records behind it. A return built from a reconciled year of monthly bookkeeping takes a fraction of the time, catches every deduction as it happened, and holds up if the IRS ever looks. A return built from a bank export in March does neither. If your books are not in that shape yet, we fix the books first and the return follows.

LLC or S corporation? The return depends on the answer

An LLC can be taxed as a sole proprietorship, a partnership, an S corporation or a C corporation. The right choice changes what you pay in self-employment tax, whether you run payroll, and which return you file. James runs the comparison on your actual profit before any election is made, and if an S corporation election would have saved money last year, he tells you so and files it for this year. New businesses get this decision made properly through our business formation service.

Owners’ personal returns, prepared in the same office

A K-1 or Schedule C is only half the story; it has to land correctly on the owner’s Form 1040. We prepare both, so the numbers match, estimated payments cover both, and you have one person to call. See personal tax preparation.