Small Business Tax Preparation.

S corporations are required to file an annual informational tax return on Form 1120-S, reporting the company's income, deductions, credits, and other financial activity.

While S corporations generally do not pay federal income tax at the entity level, income flows through to shareholders and is reported on their individual returns via Schedule K-1.

Proper preparation requires careful reconciliation of financial statements, accurate reporting of shareholder distributions, and compliance with IRS rules on reasonable compensation and basis limitations.

At Clarita CPA Group, we prepare S corporation returns with close attention to these details to ensure accurate reporting, timely filing, and proper allocation of income and deductions to shareholders.

C corporations are separate taxable entities that must file an annual federal income tax return on Form 1120.

Unlike pass-through entities, C corporations pay tax directly at the corporate level, making accurate reporting of income, deductions, and credits essential to managing overall tax liability.

Preparing a C corporation return requires careful review of financial statements, proper classification of business expenses, and accurate reporting of items such as officer compensation, retained earnings, and shareholder transactions.

We prepare C corporation tax returns with full compliance with federal and state requirements — accurate, timely, and aligned with current tax regulations.

Partnerships and multi-member LLCs taxed as partnerships must file an annual informational return on Form 1065, reporting the business's income, deductions, credits, and other financial activity.

Although partnerships generally do not pay federal income tax at the entity level, profits and losses pass through to the partners and are reported on their individual returns through Schedule K-1.

Proper preparation requires accurate allocation of income, deductions, and distributions according to the partnership agreement, and careful reconciliation of the partnership's records and capital accounts.

We prepare partnership returns with close attention to these requirements — ensuring accurate reporting, timely filing, and clear allocation of tax items to each partner.

LLCs offer flexible tax treatment — an LLC may be taxed as a sole proprietorship, partnership, S corporation, or C corporation. Proper tax preparation requires correctly identifying the entity's classification and ensuring all income, deductions, and financial activity are reported in accordance with IRS rules.

We prepare returns for LLCs of all structures, including single-member and multi-member LLCs. Our process involves reviewing financial statements, reconciling accounts, and ensuring expenses, assets, and owner transactions are properly recorded.

We also review owner distributions, capital contributions, and entity elections to ensure the return reflects the true financial activity of the business.

Whether your LLC is newly formed or well established, professional preparation helps ensure your filings are accurate, timely, and aligned with current tax regulations.