S-Corp Tax Prep Services in Cottonwood Heights , UT
We are a full suite tax preparation and tax planning and accountingand bookkeeping firm. Please choose a tax service below to learn more.
An S-corporation, also known as an S-corp, is a pass-through entity. Corporations set up this way share the income, deductions, profits and losses of a corporation with it's owners. Shareholders are able to file their S- corp taxes at personal income tax rates as they pay taxes on their share of the S-corp's income. This allows S- corps to avoid double taxation on the corporate income.
Typically an S-corporation has employees, in this case the company is responsible for withholding federal income tax, Social Security and Medicare taxes from their paychecks requiring an S-corporation to file an IRS Form 941 each quarter to reports total witholdings.
The standard forms included with S-Corp filing are 1120S and Schedule K-1. If an S-corp has employees, a Form 940, Form 941 or Form 1099 may also be required. S-corps will also need to issue a W-2 to employees and Form 1099-MISC to independent contractors.
To qualify for S-corporation tax filing you must:
Be a domestic corporation
Have only allowable shareholder
May be individuals, certain trusts, and estates
May not be partnerships, corporations or non-resident alien shareholders
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
Planning is the key to successfully and legally reducing your corporation's tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
about 6 years ago I was facing some serious IRS issues. I had called all around no one helped me, I had left a message with Josh Pyne. He called me back on his lunch break and walked me through everything I needed to do. He literally set me on the right path to rectify all my issues. Here we are 6 years later and I wou...
Josh is AMAZING. I highly recommend Paramount Tax & Accounting for your Bookkeeping AND Taxes. I am always pleased with his/their services. Thank you Josh!
— Christina Thomas,
Posted November 19th 2021 on google
I saw Roy today 9/27/2021. Had not seen a good tax accountant since I last saw Roy at his previous location. So Roy has to do a few amended returns and 2020 return for me.
Roy is trustworthy, understood my needs and concerns. So glad I found him once more.
— Theresa G. Falzone,
Posted September 27th 2021 on google
I'm starting a small business and Josh Pyne was able to provide thorough answers to all of my questions. I really look forward to working with them in the future as my business grows!
— Kirsten Tinko Rogers,
Posted September 16th 2021 on google
I met with Josh Pyne over Zoom to get some tax advice. I look forward to implementing his tax strategies.
— Trisha Weaver,
Posted August 31st 2021 on google
Maggie was amazing!! She was so kind and helpful and helped fix all of our problems. I am switching to paramount tax and accounting from now on and will be asking Maggie for help again in the future.
Roy gave me great advice on a financial issue I was having. I feel so relieved after speaking to him. He was very attentive and helpful in my situation.
Very knowledgeable, helpful and easy to talk to. Looking forward to working with them for all our tax needs!
— Tawnya Prince,
Posted August 24th 2021 on google
As you can imagine, it is very nerve wracking to have to deal with the IRS and with Paramount Tax & Accounting that anxiety completely goes away. They have been great to work with, very helpful and extremely competent. I feel lucky to have found them.
Josh and Chris at Paramount Tax are awesome. They’re responsive and quick to respond. I really am glad that I switched over to using them rather than staying with turbo tax. They’ve supported me as my business has evolved and growed. 😊
— Alex Lozano,
Posted December 10th 2020 on google
This place was amazing. I have been doing my taxes with turbo tax for the last few years. My situation changed this year and turbo tax said I was going to owe around 6000 dollars. I took it to these guys and they ended up getting me a refund of over 4000 dollars!!
— Stewart Russell,
Posted April 14th 2021 on google
Josh was extremely helpful answering all our questions and taking care of doubts we might have had about our taxes.
— David Escalante,
Posted April 12th 2021 on google
They are the best here. Amazing detail and make things easy to understand!
Very good service and super fast. Definitely going back next year!! It made my life easier and more relaxing!!
— Efthymia Symeonidi,
Posted March 18th 2021 on google
This was my first year as an independent contractor and I felt overwhelmed on what to do and where to start. Josh explained everything I had questions about and got me a better return than expected. Thanks again, - Arianna D.
Josh is so helpful with taxes. I felt incredibly overwhelmed with my business taxes as I was new to filing them. He guided me through everything I needed to bring to him and made the process much easier on me. I highly recommend Josh.
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting - Cottonwood Heights, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements.
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 S-Corp Tax firm in Cottonwood Heights . So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Cottonwood Heights!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals such as CPAs, EAs and Attorneys, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics.
Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting - Cottonwood Heights a call or visit our
tax and accountingbookkeeping firm in Cottonwood Heights
for a free consultation.
Through dedication to the three underlying principles of professionalism, responsivenessandquality, Paramount is committed to providing outstanding service to our clients.
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