Louisiana CPA offers Business Tax Help - 337.528.aCPA(2272)

Business tax help is only a phone call away! We look forward to helping you with your business taxes for your Louisiana business. There are many tax items to consider when looking at your business. A few key elements follow, but keep in mind this is general information and you may need to call our office for specific details to your situation.

Sole Proprietorships are usually considered the default business tax scenario. In Louisiana single member LLCs also fall into this default category if no election is made to be treated differently (Form 8832). This business tax type will usually file the Schedule C as part of your Form 1040. All of your net income will be subject to income taxes, as well as subject to the self employment tax.

Partnerships are similar to the sole proprietorships, but there is generally more than one owner or member in this business. Understanding tax rules becomes extremely important because partnerships can range from very simple to very complex. Partnerships may have a variety of taxing issues to resolve including general partnerships, limited partnerships, and louisiana limitied liability companies treated as partnerships for tax purposes. Partnerships need business tax help as it relates to the proper classification of self employment tax of the entity, income types, or member types.

Corporations may need business tax help to help avoid or minimize the double taxation effect that most businesses in this category deal with. There are some valid reasons for filing as an corporation, but that is more than can be discussed here in this article.

The most popular and versatile business tax scenario for most Louisiana business owners is to file as a limited liability company (LLC) with a Election to be taxed as an S-Corporation (2553). This election must be followed by an entity change for limited liability companies on form 8832. There are some disadvantages and concerns that need to be addressed before an entity decides to follow this tax setup.

Getting Business tax help may prove valuable to the business once income and expenses are reviewed over a period of years. Often it is worth the initial cost to have a tax professional discuss your situation when you begin business. A good tax professional may also advise you on changes as the business progresses through the business life cycle. Give us a call today at 337-528-aCPA(2272) to discuss your business taxes.