INDIVIDUAL & BUSINESS TAXATION
At Citadel, we are passionate about helping individuals and businesses with filing their taxes and also ensuring that they are not paying more than their fair share of taxes. We treat every return as if it is our own with multiple levels of review and leaving no stones unturned for credits and deductions. All of our return packages come with a number of tax consultation meetings throughout the year. We are not your typical tax firm that you see once a year to file your taxes. We aim to be your trusted tax advisors that you can go to whenever you run into a question or situation, much like you have a primary physician to go to when you need them.
HOW WE WORK
When working around the concept of sole proprietorship, we understand how intertwined your individual and business taxes can become. Since the IRS considers no legal distinction between you, the owner, and your business, we treat your filing with care. When working with “pass-through” taxation, we help file your Form 1040 and your Schedule C. When filing, we take into account your profits versus your expenses. Through our knowledge of the tax code and laws, however, our team can also help you determine what small business deductions might work best for your circumstances.
If you are operating a co-owned LLC, the IRS will treat your corporation as a partnership for all tax purposes. Partnership LLCs are not taxed for their business income but the LLC owners each pay taxes on their share of company profits. Since these taxes are filed through personal income returns, our team with work with each of your individual owners to manage their filing both separately and as part of the collective business. Filing as an LLC partnership entails managing a Schedule E and determining your distributive sharing, something that should have been set out in your operating agreement. Separate from your individual returns, we will also help your co-owned LLC file your Form 1065 to ensure you are good standing with the IRS.
If you have registered as an S Corporation, we will work with you to the completion of your informational tax return (1120S). For all S Corps shareholders, it is important to recognize the profits and losses of your company flow through to the shareholder’s personal tax returns. Due to this, our process will focus on the individual taxes of each owner as the profits and losses have since been “passed-through” your business. Our personalized service make S Corp taxes less a matter of your individual tax return, bringing back the focus to your business.
As a registered C Corporation, your company is a separate, taxable entity and must file a corporate tax return (Form 1120) and pay a majority of your taxes on a corporate level. In some cases, your entity might face double taxation if income has been distributed as a dividend to shareholders.
Regardless of the current standing of your assets, income, and dividends, our team stands ready to assist your company manage the filing process to the best of your returns. When managing your corporate taxes, we help you navigate the process for both dividends and corporate incomes, working in compliance with all state and federal tax law and codes so you are not overpaying the IRS, all while protecting your assets.