S-Corp & Partnership Tax Preparation in Lexington, KY
S-corp and partnership returns
Running an S-corp or partnership means an extra layer of tax prep beyond your personal return. S-corps file Form 1120S and partnerships, including multi-member LLCs that elect partnership taxation, file Form 1065, both of which pass income through to the owners via a Schedule K-1, so getting the entity return right matters before your personal return is even touched. If you're an S-corp owner, we also help make sure your compensation is set up correctly: the IRS requires officers who perform services for the business to draw a reasonable salary through payroll before taking distributions, and getting that wrong can turn into an employment tax problem down the road. For partnerships, we handle partner allocations, guaranteed payments, and basis tracking so your K-1s reflect what actually happened during the year, not a rough estimate. Kentucky adds its own layer on top of the federal return: pass-through entities can elect into Kentucky's PTE tax, which lets the business pay Kentucky tax at the entity level instead of the owners paying it individually, a workaround worth considering if the federal SALT cap affects you. If your business operates in Lexington, we also factor in the LFUCG occupational license tax on top of your federal and state filings so nothing gets missed. Every return is prepared by an AFSP-credentialed preparer who has handled Kentucky S-corp and partnership returns for more than a decade. Ready to get your business return handled correctly? Book a consultation and we'll walk through what your entity needs this year.
Personal tax returns
Also need to file your own personal return? We handle individual tax prep too — W-2s, self-employment income, rental property, and more. See our other services or book a free consultation to talk through what you need.
Tax Planning
You do not have to own a business to take advantage of our tax planning. The key to our success is making sure there are no surprises. Owning a business involves making tough decisions from the start. We're here to guide you through each choice, leveraging our extensive experience across various industries and business structures.
