The Tax Office of
Michael Hogberg

Business Tax Services

 

Comprehensive Tax Solutions for Your Business

At The Tax Office of Michael Hogberg, we understand that managing the tax obligations of your business can be complex and time-consuming. Our comprehensive business tax services are designed to meet the unique needs of your enterprise, ensuring compliance, optimizing tax strategy, and minimizing liabilities. Led by an experienced Enrolled Agent, our team is committed to providing expert guidance and support for businesses of all sizes and structures.

Entity Tax Preparation

Our tax preparation services cover a wide range of business entities, including corporations, partnerships, LLCs, and sole proprietorships. We ensure accurate and timely filing of all necessary tax forms and schedules, helping you stay compliant with federal, state, and local tax regulations.

    • Corporations: Preparation of corporate tax returns (Form 1120) and S corporation returns (Form 1120S).
    • Partnerships: Preparation of partnership tax returns (Form 1065) with detailed partner K-1s.
    • LLCs: Handling of tax returns based on the effective tax classification (partnership, C or S corporation, or sole proprietorship).
    • Sole Proprietorships: Preparation of Schedule C and other relevant forms for individual business owners.

Tax Strategy and Advising

Effective tax planning is essential for the financial health of your business. Our tax strategy and advising services are tailored to help you achieve your financial goals while minimizing tax liabilities. We analyze your business operations and financial statements to identify opportunities for tax savings and advise on the best strategies to implement.

    • Tax Planning: Proactive planning to reduce tax burdens and optimize financial outcomes.
    • Tax Credits and Deductions: Identification and maximization of available tax credits and deductions.
    • Year-End Planning: Strategic advice to manage taxable income and expenses before the fiscal year-end.

Entity Structure Planning

Choosing the right business structure can have a significant impact on your tax obligations and overall financial health. Our entity structure planning services provide expert guidance on selecting and maintaining the optimal structure for your business.

    • Entity Selection: Analysis of the benefits and drawbacks of different entity types (corporation, LLC, partnership, sole proprietorship).
    • Formation and Reorganization: Assistance with the formation of new entities and restructuring of existing ones to achieve tax efficiency.
    • Compliance: Ensuring that your business entity remains in good standing with all regulatory requirements.

Reasonable Compensation

For businesses structured as S corporations, determining reasonable compensation for shareholder-employees is critical to avoiding tax penalties that can be very costly down the line if wrong. We provide expert analysis and guidance to ensure that compensation levels are both defensible and tax-efficient. The big question is: Do you have an S Corp and receive proper and reasonable payroll salary compensation? If not, connect with us today.

    • Compensation Analysis: Benchmarking against industry standards and comparable positions.
    • Documentation: Detailed records and justification for compensation decisions.
    • Tax Implications: Advice on the tax impact of compensation decisions on payroll taxes and overall tax liability.

Payroll and Withholding Planning

Proper payroll and withholding planning is essential to avoid penalties and ensure compliance with tax regulations. Our services include comprehensive payroll analysis and strategic planning to optimize withholding and tax payments.

    • Payroll Services: Payroll analysis for multi-state employee exposure, records compliance, and state account management.
    • Withholding Optimization: Strategies to ensure accurate and sufficient tax withholding.
    • Compliance: Regular reviews and updates to stay compliant with changing payroll tax laws.

Audit Defense

Facing an IRS audit can be daunting. Our audit defense services provide you with the expertise and representation needed to navigate the audit process successfully. We handle all aspects of audit defense, from documentation and preparation to negotiation and resolution.

    • Pre-Audit Preparation: Review and organization of records and documentation.
    • Representation: Aggressive representation before the IRS and state tax authorities.
    • Resolution: Strategic negotiation to achieve the best possible outcome.

Compliance

Staying compliant with tax laws and regulations is crucial to avoiding penalties and maintaining the financial health of your business. Our compliance services ensure that your business meets all filing and reporting requirements, keeping you on track and in good standing.

    • Regulatory Compliance: Assistance with adherence to federal, state, and local tax regulations.
    • Filing Requirements: Ensuring timely and accurate filing of all required tax forms.
    • Ongoing Monitoring: Continuous review of regulatory changes and their impact on your business.

Schedule a Consultation

Navigating the complexities of business taxes requires expert guidance and a proactive approach. At The Tax Office of Michael Hogberg, we are dedicated to helping you achieve tax efficiency and compliance. Contact us today to schedule a free consultation and learn how our comprehensive business tax services can benefit your business.