When a person or group of people incorporates a business, they have many options, each with their own unique tax issues. Ensuring that your business is prepared for tax season is extremely important to preventing costly tax audits and tax penalties. By working with an experienced Business Tax Planning Attorney, you can be sure that you are getting sound tax advice.
Some businesses choose to incorporate and become a Limited Liability Corporation, while other businesses choose to become either an S Corp or a C Corp. A C Corp files a business tax return and pays taxes at the corporate level. An S Corp, on the other hand, is a “pass through corporation,” meaning that all income passes through to the owner and is declared at the individual level. The individual filer is then responsible for any taxes owed by the corporation.
Each of these elections has advantages and disadvantages which can be explained by a Business Tax Planning Attorney. This way, you and any partners you may have can find the right corporation for you to minimize your tax obligation while avoiding problems with the federal government.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Burkhalter & Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.