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 fees for this preparation begin at $500 and depend on the condition of your books and records. We also offer monthly write-up services using Quickbooks online.
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
Tax preparation fees for taxpayers with both rental properties and small businesses begin at $750
LLC Formation Fees
Plano Tax Prep can do all the filings with the Secretary of State and our fee is $250 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).