If you are a sole proprietor or a single-member LLC, your small business transactions will be reported on Schedule C of your personal tax return. As you might know, a single-member LLC is considered a disregarded entity, therefore it is reported on your Schedule C. Our fee for this preparation is typically $200 to $350 depending on how organized you are and if you use our simple, individual organizer.
Home office and mileage deduction, calculating maximum SEP IRA or retirement contributions, and deducting Accountable Plan reimbursements (such as self-employed health insurance) will slightly increase your preparation fee.
If you and a partner formed an LLC, even if that partner is your spouse, then a separate partnership tax return (Form 1065) is required unless you live in a community property state such as Texas or California.
Small Business Owners and Rentals
Most rental or small business owners can expect to pay between $200 to $500 for tax preparation. If you are both a landlord and a business owner, you can expect our fee to be $300 to $500
LLC Formation Fees
Plano Tax Prep can do all the filings with the Secretary of State and our fee is $150 plus the state filing fees. We’ll also obtain your Employer Identification Number (EIN) from the IRS, create an Operating Agreement (for single member LLCs only) and draft an Accountable Plan for expense reimbursements (including the corporate resolution).