S-Corp Tax Prep Services in Sugar House, 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.

Contact Paramount Tax & Accounting - Sugar House if you'd like to receive more information about our Sugar House S-Corp Tax Prep Services.

S-Corp Tax Prep Services in Sugar House

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Stress free experience and look forward to returning to work with Josh on all of my tax services! He took the time needed to understand all of my financial needs to help me in my tax planning... Thanks Josh!
— Steve Pyne, Posted November 28th 2020 on google
I was very impressed with the service I received at Paramount Tax. I enjoyed working with Josh and he was very accommodating and answered all my questions. I am not very savvy with all the laws and processes with filing taxes so I appreciated that Josh took the time to walk me through everything and did not make me fee...
— Kristy Holt, Posted November 28th 2020 on google
These guys are great! We use them for our business and personal taxes. I wont go any where else. You will not be sorry to use paramount tax. What I love is whether you need to sit down or a quick call to ask a question or two they are on it for me. Thanks guys!
— Clayton Stephenson, Posted November 23rd 2020 on google

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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 - Sugar House, 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 Sugar House. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Sugar House!

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Paramount Tax & Accounting - Sugar House

2150 S 1300 E
Suite 500
Salt Lake City, UT 84106

385-501-2045 [email protected]

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