Tax

Small businesses come in all shapes and sizes but unfortunately so do their tax returns. Whether your business is run out of the garage or out of a storefront, we have you covered.

We specialize in work on S & C corporations and cover the following services:

• Annual filing of 1120/1120-S and state returns (such as CA 100/S)

• Annual filing of 1099s

• Quarterly tax check-in to review your books

• Reasonable compensation determination

• Annual tax-basis financial statements

• Representation with the IRS/State to handle any notices received

• Filing of 2553, the “S Election” form, if necessary

For those that are just looking for their tax return done and nothing further, pricing is available based upon your specific situation. The following complexities have the biggest impact on the time it takes to prepare a return:

• Number of owners

• Number of employees and any special circumstances for hiring

• Number of locations

• Type of business

• Ownership structure

Preparing your own taxes can be time consuming, difficult, and leave you uncertain of whether you covered anything. No one wants to receive a message from the government noting that something has gone wrong. Albany Accountancy can help you navigate the complexities of your personal tax return preparation so you don’t have to worry. Many tax preparers don’t give a very detailed view of how much their service costs until it’s too late.

• Itemized Deductions - The rules on what you can deduct, and how much, are constantly changing. You are entitled to every deduction available but without professional help, it may be difficult to determine which deductions are available to you.

• Cryptocurrency gains or losses - If you trade cryptocurrencies such as Bitcoin or Ethereum, you may have gains that you’re not aware of. For example, if you’ve ever used crypto to buy something, that will be considered a taxable transaction. Hard forks, mining, and exchanging currencies are some other transactions that we can provide guidance on.

• Rental Income - Whether you’re renting out your spare bedroom or an entire investment property, you will need to report that as income on your taxes. Making sure you’ve split up any expenses that would apply to you can be tricky.

• Self-employment Income - Side hustles, independent contractors, sole proprietors, and many other similar situations fall under this category. Regardless of whether you’ve received a 1099, you will need to report any income you’ve received.

• Partnerships Income - Without even realizing it, you may have purchased an interest in a partnership at some point. Publicly traded partnerships (“PTP”) are available on most financial platforms, like Charles Schwab or Robinhood, and often purchased without tax considerations. Unfortunately, these investments have their own tax form (K-1) that you will need to be aware of and obtain at the end of the year. PTPs aren’t the only partnerships that exist but are often one of the bigger surprises come tax time. Partnerships come in all shapes and sizes, from hedge funds and private equity funds, to business partners that don’t have a formal agreement.

Estimated tax calculations are also available as a service.

Tax preparation for trusts and estates is not available at this time.