Your Business Return Is More Than a Form to Fill Out
Whether you run a sole proprietorship, an LLC, an S corp, or a partnership, the right return depends on understanding how your business is actually set up. Nausheen prepares business tax returns directly and reviews what you have, not just what you hand in.
Is This the Right Service for You?
Small Business Tax Preparation at LMN Tax is for owners who want their return prepared by someone who understands the business, not just the form.
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You own an LLC and are not sure what form it should file
A single-member LLC is typically a disregarded entity filing Schedule C with your personal return. A multi-member LLC is typically a partnership filing Form 1065. If you elected S corp status, it files Form 1120-S. If no one explained this when you formed the LLC, the wrong return may have been filed or nothing filed at all.
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You have an S corporation with payroll and shareholders
S corps file Form 1120-S and issue K-1s to each shareholder. Owners who work in the business must also be on payroll at a reasonable salary. If this has not been set up correctly, or if the 1120-S has not been filed, the situation needs to be addressed. LMN Tax handles the return and helps identify what else needs attention.
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You have a partner and the partnership return has not been filed
Multi-member LLCs and partnerships file Form 1065 and issue a Schedule K-1 to each partner. Many business partners are surprised to learn that their partnership has a separate filing obligation, independent of their personal returns. Unfiled 1065s carry their own penalties.
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Your sole proprietorship income has grown and you are not tracking deductions properly
Schedule C filers can miss significant deductions for vehicle use, home office, equipment, and other ordinary and necessary business expenses. As income grows, missed deductions become more costly. LMN Tax reviews what you have reported and what you may have overlooked.
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Your business returns are behind by one or more years
Unfiled business returns, especially for S corps and partnerships, accrue penalties that compound quickly. LMN Tax handles prior-year business return preparation and can help you understand the full picture of what is owed and how to get current.
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Your prior preparer or software did not ask enough questions
Business returns filed through seasonal services or consumer tax software often miss elections, misclassify income, or skip depreciation. If something has felt off about your returns, a review often reveals why.
What LMN Tax Handles
Small business tax preparation covers the full range of entity types, forms, and business situations, not just entry-level Schedule C returns.
What Makes This Different from a Filing Service
Business tax preparation at LMN Tax is not a data entry exercise. It is a review of what you have and what it means.
Your return is actually reviewed
Business returns have moving parts: entity elections, owner compensation, depreciation schedules, K-1 allocations, and state obligations. LMN Tax reviews the return as a whole, not just the numbers you hand in.
Structure context is part of the work
The form your business should file depends on how it is set up. If that setup was done incorrectly, it affects more than just the current return. Nausheen understands how entity type, elections, and operations connect to each other.
Personal and business returns handled together
For most small business owners, the personal and business returns are connected. Pass-through income, K-1s, owner salary, and self-employment tax all move between them. Having one preparer handle both means nothing falls through the gap.
How Small Business Tax Prep Works at LMN Tax
A straightforward process from first contact to completed, filed return.
Call or send a message. Tell Nausheen what your business is, how it is structured, what forms you have filed previously (if any), and what the current situation is. You do not need to have everything sorted before reaching out.
Once your engagement is confirmed, you upload business records through the Verifyle secure client portal. This includes income and expense records, prior-year returns, entity documents, payroll summaries, and any 1099s or K-1s received. No documents go through unprotected email.
Your business return is prepared using Drake Software, a professional tax system used by tax firms nationwide. Nausheen reviews for accuracy, deduction completeness, and consistency with your entity setup before sending the return for your review.
You receive the completed return before anything is submitted. Once you approve, LMN Tax files electronically as an IRS Authorized e-File Provider. For S corps and partnerships, K-1s are issued to each shareholder or partner. You receive confirmation when the return is accepted.
Small Business Tax Preparation Questions
What is the difference between Schedule C and Form 1120-S for my business?
Schedule C is filed as part of your personal Form 1040 and reports profit or loss from a sole proprietorship or single-member LLC taxed as a disregarded entity. Form 1120-S is a separate business return filed for S corporations. The key practical difference is that S corp owners can pay themselves a salary, which separates a portion of their income from self-employment tax.
Which form applies to your business depends on your entity type and any tax elections made. If no one explained this when you formed your business, the wrong form may have been filed or nothing filed at all.
My S corp has two shareholders. Can LMN Tax handle the K-1s?
Yes. Form 1120-S requires a Schedule K-1 for each shareholder showing their allocated share of the corporation's income, deductions, and credits. LMN Tax prepares the 1120-S and issues K-1s to each shareholder. Each shareholder then uses their K-1 when filing their personal returns, which LMN Tax can also prepare.
What deductions can my small business take?
Small businesses can deduct ordinary and necessary business expenses: rent or home office, utilities, supplies, business insurance, professional services, advertising, vehicle use for business purposes, and payroll or contractor costs.
Equipment and property purchases may qualify for Section 179 immediate expensing or bonus depreciation, subject to annual limits. Nausheen reviews your specific expenses to identify what qualifies and what documentation is needed.
Source: IRS Publication 334, Tax Guide for Small Business; IRS Publication 946, How to Depreciate Property
My business return has not been filed in two years. What are the consequences?
Unfiled business returns carry their own penalty structure. For S corporations and partnerships, the IRS assesses a failure-to-file penalty per partner or shareholder per month, in addition to any tax owed. For sole proprietors, the Schedule C failure-to-file penalty is part of the personal return penalty.
Getting current as soon as possible limits the total penalty exposure. LMN Tax handles prior-year business returns regularly and can help you understand what the outstanding years mean for your current situation.
Can LMN Tax handle both my personal return and my business return?
Yes. For most small business owners, the personal and business returns are closely connected. S corp and partnership income flows to your personal return through K-1s. Schedule C is part of your personal 1040. Self-employment tax calculated on the business side affects your personal return.
Having one preparer handle both means the returns are consistent with each other and nothing falls through the gap between them. LMN Tax prepares both individual and business returns.
Also Relevant to Your Situation
Ready to Get Your Business Return Done Right?
Call or send a message. Describe your business, your entity type, and what has been going on with your returns. Nausheen will respond directly and let you know what is needed to get started.
LMN Tax Inc. • 10432 Balls Ford Rd, Suite 300, Manassas, VA 20109 • (By Appointment Only)