Business Tax Preparation Services in Prescott, AZ
Florence Tax LLC provides business tax preparation in Prescott and surrounding communities for S corporations, partnerships, C corporations, sole proprietors, and LLCs under their applicable tax classifications.
Enrolled Agent Amber Rose Florence helps business owners meet federal and applicable state filing requirements while considering how business activity, ownership, and other tax matters may affect the return.
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Enrolled Agent
Trusted. Experienced. On Your Side.
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Virtual-First Process
Secure. Convenient. Personalized.
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Businesses of All Sizes
From startups to established businesses.
a More complete approach
Business Tax Preparation That Looks Beyond the Forms
Preparing a business tax return starts with understanding the business behind it.
Entity taxation, ownership, owner compensation, accounting records, payroll, asset activity, and distributions can all affect how the return is prepared—and may also affect the owner's individual tax situation.
Florence Tax approaches business tax preparation with those connections in mind.
The goal is an accurate federal and applicable state business tax return, along with greater clarity about tax matters that may deserve attention before the next tax year.
S Corporations
S corporations generally file Form 1120-S, with shareholders receiving Schedule K-1s for their applicable share of business income and other tax items.
Florence Tax prepares S corporation returns with attention to payroll, owner compensation, distributions, contributions, assets, and other shareholder activity.
Return Preparation for your business structure
Business tax filing requirements vary by tax classification. Florence Tax prepares returns for:
Business Tax Returns we prepare
Partnerships
Partnerships generally file Form 1065, with partners receiving Schedule K-1s reporting their applicable share of partnership tax items.
Florence Tax prepares partnership returns with attention to ownership changes, contributions, distributions, assets, and other partner activity.
C Corporations
C corporations generally file Form 1120 and are separate federal income-tax-paying entities.
Florence Tax prepares federal and applicable state C corporation returns, including business income, expenses, assets, deductions, and other activity.
Sole Proprietors &
Single-Member LLCs
Sole proprietors generally report business income and expenses on Schedule C of the owner's individual tax return. Single-member LLCs may be treated similarly unless another tax classification is elected.
Florence Tax prepares Schedule C and LLC returns based on their applicable tax classifications.
legal structure vs. tax classification
An LLC Doesn't Tell You How the Business Is Taxed
An LLC describes a legal business structure, but it doesn't necessarily determine how the business is taxed for federal income-tax purposes.
Depending on ownership and elections made, an LLC may be taxed as a disregarded entity, partnership, S corporation, or C corporation. That classification determines which tax return is filed and how business income may flow to the owner's individual return.
Considering whether S corporation taxation makes sense for your business?
more than a tax return
Your Business and Personal Tax Returns May Be Connected
For many business owners, business and personal tax preparation are closely connected.
Income from an S corporation or partnership generally flows to the owner's individual return through Schedule K-1, while sole proprietorship activity is generally reported on Schedule C.
Business income may also affect estimated taxes, retirement contributions, investment income, and other areas of the owner's tax situation. Florence Tax can consider these connections when preparing business and individual returns.
the s corporation tax picture
S Corporation Tax Preparation Requires More Than an 1120-S
For an owner who also works in the business, S corporation tax preparation may involve:
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Business income and expenses
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Payroll & Shareholder wages
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Reasonable compensation
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Shareholder distributions
These items can be interconnected. Payroll, compensation, distributions, and other shareholder activity may affect both the business return and the owner's individual tax situation.
Accurate bookkeeping and payroll records help ensure this activity is properly reflected when preparing the return.
Florence Tax provides S corporation tax preparation with attention to these related business and owner tax matters.
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Shareholder contributions
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Business assets and depreciation
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Schedule K-1 reporting
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Estimated taxes
Bookkeeping Supports Better Business Tax Preparation
Clean Books, A Smoother process
A business tax return depends on complete, organized financial records that provide a clear picture of the business's activity for the year.
That can include:
✓ Business income
✓ Operating expenses
✓ Bank and credit-card activity
✓ Payroll
✓ Loans and financing
✓ Owner contributions
✓ Asset purchases and dispositions
✓ Shareholder or partner distributions
✓ Other balance-sheet activity
When records are incomplete or transactions haven't been properly categorized, additional work may be required before tax preparation can proceed.
Organized bookkeeping can make tax preparation more efficient while providing better information for business decisions and tax planning. Florence Tax also provides bookkeeping services for businesses that need ongoing support.
When Business Crosses State Lines
Multi-State Business Tax Considerations
Doing business across state lines may create additional tax-filing requirements. Customers, employees, property, or operations in another state can all be relevant.
Because requirements vary by state, being based in Arizona doesn't necessarily mean Arizona is the only state that needs to be considered.
Florence Tax can help evaluate applicable business income-tax filing requirements when your business has activity in multiple states.
prior year & Ammended Returns
Behind on a Business Return or Need to Correct One?
Sometimes a business return hasn’t been filed when required, or information discovered later means a previously filed return needs to be corrected.
Florence Tax can assist with prior-year and amended business tax returns, beginning with a review of what was filed, what information is available, and what may need to be corrected.
If IRS or state notices or other tax problems are involved, additional tax-resolution services may be appropriate.
Need help with a prior-year or amended business return?
When a purchase becomes a tax decision
Business Assets, Purchases & Depreciation
Purchasing equipment, vehicles, furniture, technology, or other business assets can affect the tax return differently from an ordinary operating expense.
Depending on the asset and circumstances, the cost may be capitalized and depreciated over time or qualify for a more immediate deduction. How the purchase is treated can affect both current and future tax years.
Significant purchases should be properly identified in the accounting records so they can be appropriately reflected on the return.
During tax preparation, Florence Tax reviews relevant asset purchases and dispositions for appropriate tax treatment.
When a major purchase is being considered before it occurs, that may also be an opportunity for proactive tax planning.
“Some tax considerations are better addressed before year-end—or before a transaction occurs.”
“That's why Florence Tax looks beyond preparation to tax planning and business advisory.”
Planning for what's Ahead
Filing the Return Is Only One Part of Business Taxes
Business tax preparation primarily looks backward.
It reports income, expenses, assets, compensation, and other activity that has already occurred.
Business tax planning looks forward.
It considers decisions that may still be made and how they could affect the business and its owners.
Tax preparation may uncover questions such as:
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Are estimated tax payments keeping pace with business income?
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Does owner compensation need attention?
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Are significant equipment purchases being considered?
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Could a business retirement plan warrant consideration?
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Are ownership, profitability, or other significant changes ahead?
The return tells us what happened.
Planning helps determine what deserves attention next.
when Business decisions affect your taxes
Tax Planning for Business Owners
Business decisions can affect owner compensation, estimated taxes, retirement planning, personal income, and other areas of the owner's tax situation.
Florence Tax provides tax-planning resources for business owners covering S corporations, estimated taxes, depreciation, retirement plans, and other planning considerations.
Business Tax Preparation for the Current Year
Ready To File?
Florence Tax prepares business tax returns for partnerships, S corporations, C corporations, LLCs, and sole proprietorships.
Preparation may also involve bookkeeping, payroll, owner compensation, depreciation, estimated taxes, and other activity that affects the business or owner's individual return.
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Eligible federal and state returns are filed electronically.
File the Return
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Review and Approve
You review the return and complete the signature process.
Prepare the Tax Return
Your federal and state business returns are prepared.
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Review Financial Information
We analyze your records and follow up on any questions.
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Securely Provide Your Records
Use our secure online systems to share your documents.
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Understand Your Business
We learn about your entity, ownership, and filing requirements.
How Our Business Tax Preparation Process Works
a clear, secure process
Enrolled Agent Support for business owners
Business Tax Preparation With an Enrolled Agent?
Amber Rose Florence is an Enrolled Agent, a federally authorized tax professional with unlimited practice rights before the IRS.
Through Florence Tax, she provides individual and business tax preparation, proactive tax planning, and business advisory services.
For business owners, tax questions often extend beyond the business return to owner compensation, estimated taxes, payroll, entity taxation, and the owner's individual tax situation.
Prescott-Based. virtual-first.
Business Tax Preparation in Prescott and Surrounding Communities
Florence Tax LLC is based in Prescott, Arizona, and provides business tax preparation for business owners in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt, and surrounding communities.
As a primarily virtual practice, Florence Tax works efficiently with business owners throughout the area without requiring repeated office visits.
The virtual-first model also allows Florence Tax to serve businesses outside the Prescott area when their tax needs are a good fit for the practice.
Business Tax Preparation FAQs
Tax Preparation Questions
Florence Tax prepares tax returns for S corporations, partnerships, C corporations, sole proprietors, and LLCs under their applicable federal tax classifications. Florence Tax also prepares individual returns for business owners.
It depends on how the LLC is classified for federal income-tax purposes. A single-member LLC may generally be treated as a disregarded entity unless another classification has been elected. A multi-member LLC may generally be treated as a partnership unless it has elected corporate taxation. An LLC may also elect to be taxed as an S corporation or C corporation when eligible.
The appropriate tax return therefore depends on the LLC's federal tax classification and circumstances.
Yes. Florence Tax prepares both business and individual income tax returns. This can be particularly useful for owners of pass-through businesses because information from the business return may need to be reported on the owner's individual return.
Yes. Florence Tax prepares Form 1120-S returns for S corporations and works with S corporation owners on related tax matters, including shareholder compensation, distributions, K-1 reporting, and tax planning.
Yes. Florence Tax prepares Form 1065 partnership returns and the related Schedule K-1 information for partners.
Yes. Florence Tax prepares Form 1120 federal income tax returns and applicable state filings for C corporations.
Yes. Florence Tax can assist with prior-year business tax returns when appropriate. The available records and filing history should first be reviewed to determine what needs to be prepared.
Florence Tax can assist with amended or corrected business returns when appropriate. The original filing and the information requiring correction should first be reviewed.
Accurate and sufficiently complete accounting records are important to business tax preparation. If the books are incomplete or require significant corrections, additional bookkeeping or cleanup work may be needed before the return can be completed.
Florence Tax also provides bookkeeping services for businesses needing ongoing accounting support.
Business tax preparation focuses primarily on accurately reporting activity that has already occurred and meeting filing requirements.
Business tax advisory is forward-looking and focuses on business decisions that may have tax or financial implications, such as entity taxation, owner compensation, estimated taxes, major purchases, cash flow, and other planning matters.
No. Florence Tax is based in Prescott and works with businesses throughout the surrounding area, but its primarily virtual-first model also allows the firm to serve businesses elsewhere when their tax needs are a good fit.
