2022 Personal Income Tax Preparation Services

The time it takes to prepare personal taxes depends on many factors, including the complexity of the work. When you work with 1-800Accountant, we’ll prepare your individual income tax return with accuracy guaranteed – no matter how complex your situation is.

LLCs taxed as a partnership or S corporation are pass-through entities but file separate tax returns. The difference is the partnership and S corporation file a tax return to show income, expenses, and what percentage of the profits each partner owns, which then flows onto the partner’s personal tax return.

C corporations pay taxes separately, but S corporations and partnerships still file separately, too – they just don’t pay taxes separately. For partnerships and S corporations, the partner’s share of the profit goes onto their personal return after the business return is prepared.

Generally, you’re able to reduce your taxable income by writing off business losses.
But not all business loss reduces taxable income. For instance, if your business is not operational as yet, but incurs a loss, the deduction is typically disallowed until the business becomes operational.