S-Corp Tax Prep Services in Woodland Hills, CA

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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 - Woodland Hills if you'd like to receive more information about our Woodland Hills S-Corp Tax Prep Services.

S-Corp Tax Prep Services in Woodland Hills

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I am really really happy with the result and professionalism of Paramount Tax and Accounting Team. I highly recommend this place for filling your taxes and for your accounting needs. P.S Thank you again 👍
— KingVarian III, Posted April 16th 2023 on google
It’s was a pleasure working with Albert with my taxes and made sure I did not miss anything. My last tax person just asked for my tax forms and personal information without asking more than that. With Albert really asking me lots of questions, I was able to file all my tax documents including the ones that I had forg...
— Axle N, Posted April 16th 2023 on google
Albert is extremely knowledgeable about tax laws and regulations, and he takes the time to explain everything in great detail. He always provides me with a clear and concise breakdown of my options, and goes above and beyond to help me find ways to save money on taxes or plan for them in the most effective way possible...
— Rhisse DC, Posted April 16th 2023 on google
Great customer service and really helpful with my taxes.
— All that Smoke LLC, Posted April 16th 2023 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 - Woodland Hills, 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 Woodland Hills. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Woodland Hills!

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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 - Woodland Hills a call or visit our tax and accountingbookkeeping firm in Woodland Hills for a free consultation.

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Paramount Tax & Accounting - Woodland Hills

6931 Topanga Canyon Blvd #1

Canoga Park, CA 91303

818-620-9061

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