What are the differences between an LLC, S Corp, and a C Corp?
Can you help people convert to an LLC from an S Corp in NYC?
What is the best business formation for internet businesses in NYC?
Corporate Tax Options in NYC
Owning a business in NYC means you are subject to tax regulations that are sometimes quite different from other counties in New York. At 212 Tax, we believe that it is important to work with a local tax service that will allow you to take the most benefit from NYC’s unique tax regulations.
Is the S-Corp Right for You?
While many people believe that setting up an S-Corp is the best option for NYC business taxes, this is not always the case. Generally, S-Corps are a great way for business owners to avoid double taxation, but because NYC tax regulations differ from other counties, it is often in the best interest of the owners to dissolve their S-Corp and form an LLC. If you have questions about the differences between these types of corporations or which option is best for you, 212 Tax can help.
Taxes for LLCs
At 212 Tax, we have extensive experience in both LLC formation and LLC tax preparation. Forming an LLC usually provides many benefits to a business owner – in addition to limiting your financial liability, it also provides a flexible management structure that can accommodate the needs of your business as it continues to grow. Combine that with a potential for savings on total taxes owed, and it’s easy to understand why LLCs are such a popular choice for businesses in the five boroughs of NYC.
If you’ve recently formed an LLC that you treat as a partnership, 212 Tax can help you make sense of the filing process, which includes preparing Federal & State partnership tax returns, NYC Unincorporated Business (UBT) Tax Returns, and last but not least K-1 forms that include your share of income or loss from the LLC and any applicable guaranteed payments.
Customized Corporate Tax Compliance Strategies
Whether you have a C-Corp, an S-Corp, an LLC or a partnership, 212 Tax can create a tax strategy for your business that can save you money while also planning for future growth. If you’re interested in learning more about how customized business and corporate tax strategy can benefit you and your business, call us at 646-699-3056 or complete our brief online form in the sidebar.