Professional Tax Preparation for Entrepreneurs and Business Owners
Running a business creates tax responsibilities that go beyond an individual income tax return. At PIM Tax Services, we help small-business owners meet their federal and state filing obligations while identifying deductions, credits, and tax strategies appropriate to their circumstances.
Our team prepares tax returns for sole proprietors, partnerships, and S corporations. We work with businesses at different stages, from new ventures and side businesses to established operations with more complicated tax needs.
We also understand the unique challenges military and veteran entrepreneurs face, including business ownership during military relocations, multistate income, and coordinating business taxes with their personal tax returns.
Our goal is simple: Help you meet your business tax obligations accurately, efficiently, and with fewer surprises.
Business Returns We Prepare
Sole Proprietors (Schedule C)
For individuals operating businesses as sole proprietors or single-member LLCs taxed as disregarded entities, business income and expenses are generally reported on Schedule C of the individual income tax return.
We help business owners report income, identify deductible expenses, account for business assets, and address self-employment tax obligations.
Partnerships (Form 1065)
Partnerships and many multi-member LLCs file Form 1065 to report business activity and provide Schedule K-1 information to their owners.
PIM prepares partnership returns, including income and deductions, partner allocations, and related reporting needed to support the partners’ individual tax returns.
S Corporations (Form 1120-S)
S corporations have specialized filing and reporting requirements, including shareholder allocations, distributions, and the interaction between business income and owners’ personal tax returns.
We prepare Form 1120-S returns and help business owners understand the tax implications of S corporation ownership.
Common Small Business Tax Challenges
Business Expenses & Deductions
Understanding which expenses are deductible and how they should be reported is essential to accurate business tax preparation.
We help business owners address common deductions, business-use expenses, home offices, vehicle expenses, and other tax considerations.
Depreciation & Business Assets
Purchasing equipment, vehicles, and other business assets can create important tax decisions.
We help clients report asset acquisitions and dispositions, calculate depreciation, and evaluate available deduction methods.
Owner Compensation & Distributions
How business owners receive income depends on their business structure and can significantly affect their tax obligations.
We help clients understand S corporation shareholder compensation, distributions, and the tax reporting responsibilities associated with business ownership.
Pass-Through Taxation & Owner Returns
Partnership and S corporation income generally passes through to the owners’ individual income tax returns.
We help coordinate business returns, Schedules K-1, and individual returns so that income, deductions, and other tax items are reported consistently.
Specialized Tax Services for Military & Veteran Business Owners
Military service and business ownership can create tax situations that many traditional tax preparers encounter infrequently. Frequent relocations, military spouse employment, multistate business activities, and the transition from military service to civilian entrepreneurship can complicate tax reporting.
At PIM Tax Services, we understand how military life intersects with business ownership. We help clients navigate state residency and income-sourcing issues, coordinate business and individual tax returns, and evaluate tax considerations associated with starting or operating a business while serving.
Whether you’re operating a side business while on active duty, running a business as a military spouse, or building a company after retirement or separation, our team understands the challenges you may face.
Bookkeeping & Business Tax Preparation
Accurate business tax returns begin with organized financial records. When income, expenses, and business assets are properly recorded throughout the year, tax preparation becomes more efficient and there is less need for last-minute corrections.
Our bookkeeping service helps small-business owners maintain organized financial records throughout the year. By coordinating bookkeeping with tax preparation, we can help identify issues earlier and ensure the information needed for your tax return is readily available.
Bookkeeping is a separate service and is not included in our standard business tax preparation fees. Clients may use PIM’s Bookkeeping Service or maintain their records independently.
Our goal is to make the transition from bookkeeping to tax preparation as smooth as possible.
Ready to Get Started?
Whether you’re launching a new business, operating as a sole proprietor, or managing an established partnership or S corporation, PIM Tax Services can help you navigate your business tax obligations.
Our team will help you understand the tax preparation services appropriate for your business and how those services coordinate with your individual income tax return.