Business Tax Returns IN THE COLORADO SPRINGS AREA
Sikora CPA has been serving Colorado Springs for over 25 years. We are the best reviewed CPA firm in the area and take our knowledge in savings and translate that to reliable financial services to help our individual clients maximize income and minimize taxes.
LET SIKORA GET YOU THE HELP THAT YOU DESERVE
Taxpayers are continuously challenged by the rules, regulations, filing requirements and disclosures required by local, state, federal and even international taxing authorities. Sikora CPA’s team of CPAs and accountants combines expertise and experience to ensure that you understand and comply with all relevant tax requirements. We have a deep understanding of individual and business taxation, flow-through entities, international tax, estate tax and state and local tax.
We understand that every financial decision a business makes has an effect on not only their business tax liability, but often their personal tax situation as well. Our team will help you understand the tax implications of decisions before you make them; ensuring that you remain compliant, while finding opportunities for tax minimization.
Staying ahead of the complex and frequently changing tax code can be a challenge. We help our clients stay ahead of the ever-changing laws, and we diligently apply the intricacies of tax principles to your circumstances for the best possible results. Sikora CPA is experienced in preparing and reviewing tax returns for individuals, estates, and trusts. From the most complex to the straightforward return, our team will apply our knowledge and experience to ensure you comply with local, state and federal tax requirements.
While tax compliance is essential for every organization, tax planning is just as critical to your ongoing success. Our team can help you plan for tax minimization by working to proactively identify opportunities for savings at the local, state, federal and international levels. We evaluate available credits, abatements, deductions, deferments, depreciation opportunities and many other tax planning tools on a continuous basis.
Effective tax minimization requires more than just understanding the law; it also requires understanding and maintaining a working knowledge of your business and personal situation. By focusing on continuing professional education and stressing open and frequent communication with our clients, we are able to identify opportunities when they arise and ensure that our clients are taking advantage of each opportunity for tax minimization. Our tax consulting services include:
- Compensation Planning for Pass-Through Entities
- Business Succession Planning
- State and Federal Dispute Representation
- Multi-State Tax Planning
- International Tax Planning
- Mergers & Acquisitions Tax Structuring and Planning
- Retirement Planning
- Multi-level Tax Minimization Planning
- Tax Projects & Year End Planning
- Family Tax Planning
- Estate & Gift Planning
- Wealth Transfer
Corporate & Partnership Taxation
There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps. Without the proper knowledge, all three can be difficult to understand. Our corporate tax accounting services can help. Below is a discussion of each, as well as a brief comment on LLCs:
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing partnership return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states. This default classification arises if you apply for an EIN number for a business entity that has more than one owner. This default classification also arises if you have registered an LLC with your state and that LLC has more than one owner, equity partner, or member.
An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. This is not a default classification – rather, you must apply for it and be approved by the IRS. The appeal of this classification is that it allows for decreased self-employment taxes on your individual return. These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.
A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. This structure is the default classification you must file with the IRS after you file as a corporation with your state or after registering your EIN as a corporation with the IRS. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.
A Comment on LLCs
An LLC often has state filing requirements. However, for federal purposes, you would be filing your LLC taxes on one of two forms: from 1040 Schedule C or Form 1065. If you are the only owner, partner, or member of your LLC, then you would report on Federal Form 1040 Schedule C. If you have more than one owner, partner, or member of the business, then you would report on Form 1065, unless you have specifically incorporated as an S-Corp or other type of entity.
WHAT OUR CLIENTS ARE SAYING…
“I've never met anyone as professional as Sikora. They have been such great help with my business. I wouldn't suggest anyone else but Sikora! Highly recommended!”
“Meili has been helping me with personal and business tax filing for the last four years and I have had nothing but a positive experience. Meili is extremely knowledgeable, professional, and prompt and I would highly recommend her! Thanks Meili!”
“Sikora has handled all of my personal and business tax/accounting needs for the last 9 years. Outstanding customer service and very professional. If you're in the market for a CPA, look no further!”
“This year the office helped my with both my family's as well as my parents income tax. Very thoughtful and professional staff service. I have no complaints. Cantonese and Mandarin speaking, they are an excellent resource.”
Get the financial help you deserve
Life happens…tax burdens happen…enjoy life, we will conquer the rest. Sikora CPA has been providing reliable financial representation & advice in the Colorado Springs area for over 25 years. Contact us today and see how we can help!