Starting a small business is a very exciting endeavor that comes with its own challenges. Most business owners have an extreme passion for what they do but are unable to meet the administrative demands of running their own business. It is essential that proper record keeping of income and deduction, tax and retirement planning, and the small business tax preparation of annual tax filings is handled effectively and timely.
Gallati Professional Services (GPS) has the knowledge and experience to guide your small business towards financial compliance.
GPS specializes in the following industries:
- Equine Industry (Stables & Breeding)
- Financial Services
- Freelancers & Independent Contractors
- Media & Advertising
- Online Services
- Real Estate
- Software & Technology
LLC’s with Your Spouse
If your LLC was formed with your spouse, you are unable to report your LLC on your personal tax return and you are required to file a separate partnership tax return (Form 1065) unless you live in a community property state (AZ, CA, IS, LA, NV, NM, TX, WA, WI). If you do not live in one of these states and you have a LLC with your spouse, please click on the link below to learn more about our corporate and partnership services: Corporate and Partnership Services
Small Business Tax Preparation
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. Our fee for this small business tax preparation is typically $400 to $1,200 depending on the complexity of your non-schedule C items, the organization of your record keeping/bookkeeping, and if you use our simple, fillable PDF tax organizers. Although the above fee range includes one state tax return, the small business tax preparation fee of additional states is $75 per state tax return ($100 for CA & NY state tax returns).
GPS offers a basic guarantee that if we are responsible for a mistake on your tax return, we will fix the issue without charge and pay any penalties associated with the mistake as long as we are notified immediately (taxpayer is responsible for any tax and interest due).
The cost of your small business tax preparation includes the following services:
- Annual personal federal tax return (Form 1040) with all required forms & schedules
- Annual personal state(s) tax return with all required forms & schedules
- Married Filing Joint versus Married Filing Separate Analysis, if applicable
- Home office and mileage deduction, if applicable
- Calculating maximum SEP IRA or retirement contributions and tax savings, if applicable
- Deducting accountable plan reimbursements (such as SE health insurance)
- Calculation of your safe harbor quarterly estimated tax payments
- One (1) year-end tax planning projection to eliminate surprises on April 15th
- Full year, 24/7 access to your online document storage through your private small business tax preparation portal for your tax documents
- Use of mobile app for uploading picture documents to your small business tax preparation portal
- Reduced rate for research regarding your complex tax questions
- Reduced rate for IRS & State notice and audit support
- Full year phone & email support throughout the year for your tax and business questions