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March 15 sneaks up on a lot of business owners. That is the deadline for partnership and S corporation returns, a full month before most people think about taxes. If you own a Cincinnati LLC with a partner, or a small corporation, that date is yours. A late partnership or S corporation return can bring an IRS penalty for each owner, for each month it is late. We prepare business returns all year, so you are never hunting for help in the middle of March.
When You Need Business Tax Preparation
You need a business return if your company is a partnership, an S corporation or a C corporation. That includes most LLCs with two or more owners. The return reports what the business earned and spent. For partnerships and S corporations, it also gives each owner a Schedule K-1 showing their share, which then goes on their personal return.
The form you file depends on how the business is set up, and the IRS lays out the choices on its business structures page. Owners often come to us after a year of doing it themselves, when a K-1 didn’t match, an Ohio notice arrived, or a city asked why no return was filed.
Our Business Tax Preparation Process
We start with your books or bank statements, last year’s returns, and any notices you received. We check the numbers against the bank, sort out anything that doesn’t fit, and ask about large or unusual items. Then we prepare the federal return, the Ohio return, the city net profit return, and a K-1 for each owner.
Before anything is filed, we walk you through the result and what each owner should expect on their own return. If the books aren’t ready by the deadline, we file an extension and keep working. We can prepare the owners’ personal returns at the same time, so the numbers match on both.
When the Business and the Owner Are in Different Cities
This one comes up all the time near our office. Your shop is in Springdale, but you live in College Hill. The business may owe Springdale on its profit. As a Cincinnati resident, you may also owe Cincinnati’s 1.8% on your share, with credit for part of what the work city collected. Miss the credit and you pay twice. Skip the city return and a letter shows up a year later. We check both cities every year.
Business Tax Preparation Cost in Cincinnati
The fee depends on the type of return, the number of owners, and the shape of your books. Clean, matched books take less time than a year of bank statements we have to sort first. Payroll, equipment purchases, and work in more than one state or city add time too. We tell you the fee before we start, so there are no surprises at the end.
Why Choose Us for Business Tax Preparation
We have prepared business returns in Cincinnati since 1993. Google reviewers mention our business filings and extended returns we finished for them online. We are open Monday through Saturday all year, so a K-1 question in June still gets a quick answer. Meet us on North Bend Road, or send your records online and sign electronically.
Your business return is one piece of our tax and accounting help for Cincinnati business owners.
Common Questions
What should I bring for my business tax return?
Bring last year's business return, your profit and loss report or bank and card statements for the year, payroll reports, loan statements, and records for any equipment or vehicles you bought or sold. Add any IRS, Ohio or city notices. If something is missing, we will tell you what to look for.
Can you file my business return and my personal return together?
Yes, and it usually helps. Your K-1 feeds your personal return, so preparing both at once means the numbers match and nothing gets left off. We can do the business return first and your 1040 right after.