We provide business tax preparation and planning services for limited liability companies, corporations, nonprofits, and partnerships.
Our tax services include:
- Manual payroll tax return filings
- Federal form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return
- Federal form 941: Employer’s Quarterly Federal Tax Return
- Estimated tax payments
- Sales and use tax reporting
- Amending returns
- Business and personal tax advice
- Unsecured property taxes
- Gross receipts and payroll taxes
- Miscellaneous municipal required local tax filings
Please note that due to the high volume of business tax returns we process, we do not take on clients that only need Form 1040. We apologize for the inconvenience.
Types of Tax Returns
LLC’s and Partnerships
Federal Form 1065: U.S. Return of Partnership Income
Partnerships file Form 1065 as an information return to report their income, gains, losses, deductions, and credits. A partnership does not pay tax on its income; the income typically “passes through” any profits or losses to its partners.
California Form 565: Partnership Return of Income
Filed for LLC’s not classified as S-Corporations or Partnerships
California Form 568: Limited Liability Company Return of Income
Filed for LLC’s classified as Partnerships and Single-Member LLC’s
California Minimum Franchise Tax
California requires Partnerships and LLC’s to pay a $800 minimum franchise tax for most years of operation.
Corporations and S-Corporations
Federal Form 1120: US Corporation Income Tax Return
Domestic corporations file Form 1120 to record income, gains, losses, deductions, credits, and calculate income tax liability.
California Form 100: Corporation Franchise or Income Tax Return
State form recording income, gains, losses, deductions, and credits for corporations.
Federal Form 1120S
Domestic s-corporations and business entities classified as s-corporations file Form 1120S to report income, gains, losses, deductions, and credits for tax years covered by an election to be taxed an S corporation.
California Form 100S: California S Corporation Franchise or Income Tax Return
State form recording income, gains, losses, deductions and credits for s-corporations.
The Franchise Tax Board requires every corporation that is incorporated, registered, or doing business in California to pay the $800 minimum franchise tax.
S-Corps are subject to an annual 1.5% state tax.
Charities and Non-Profits
Federal Form 990: Return of Organization Exempt from Income Tax
Tax-exempt organizations, nonexempt charitable trusts, and some political organizations file Form 990, an annual information return. All filing organizations must report the organization’s exempt and other activities, finances, governance, compliance with certain federal tax filings
and requirements, and compensation paid to certain persons.
California Form 199: California Exempt Organization Annual Information Return
Nonprofits with gross receipts of more than $50,000 in the year are required to file Form 199.
California Form FTB 199N: Annual Electronic Filing Requirement for Small Exempt Organizations
Nonprofits with $50,000 or less in gross receipts in the year are required to file Form 199N.
Estates and Trusts
In addition to business tax returns, we also handle required filings for estates and trusts.
Estates: After a person passes away (the decedent), their estate may be taxed. An estate is composed of all the personal and real property a person owns, such as money, houses, and vehicles.
Trusts: A trust is a written legal document that establishes a trustee and a beneficiary. The trustee is responsible for managing personal and/or real property for the beneficiary, the individual who will receive the property according to the trust agreement.
Federal Form 1041: U.S. Income Tax Return for Estates and Trusts
Form 1041 is filed to report any income (or loss of income) generated by the decedent’s estate.
California Form 541: California Fiduciary Income Tax Return
Form 541 is used to report income received by an estate or trust and income distributed to beneficiaries.
Schedule C, Federal Form 1040: Profit or Loss Form Business (Sole Proprietorship)
Sole proprietorships file Schedule C (Form 1040) to report income or loss from a business.
California Form 540: California Resident Income Tax Return 540
Individual business owners report business income on their personal tax return, Form 540.
California Business Tax Rates
Tax Rate by Entity per FTB
|Entity type||Tax rate|
|Corporations other than banks and financials||8.84%|
|Banks and financials||10.84%|
|Alternative Minimum Tax (AMT) rate||6.65%|
|S corporation rate||1.5%|
|S corporation bank and financial rate||3.5%|
Please briefly describe your business tax filing needs. We will respond to any questions you may have before beginning.