Small business and self-employed taxes in Fairview Park

I prepare tax returns for the self-employed and small businesses: sole proprietors, single-member and multi-member LLCs, partnerships, contractors and anyone with a side business next to a W-2 job. Small business returns are my specialty. I look for every credit you qualify for and every expense you can legitimately deduct, and I'll explain why each one counts.

Businesses I work with

Sole proprietors filing a Schedule C
Single-member and multi-member LLCs
Partnerships
Contractors and freelancers paid on 1099s
Side businesses run alongside a full-time job
Self-employed people who have gone back to W-2 work and still have loose ends

If your business is set up as a corporation, mention it when you call so we can talk about fit before anything else.

Business expenses: what counts

The IRS test for a business expense is that it's "ordinary and necessary" for your line of work. Mileage, supplies, software, a phone used for the business, part of your home if it's used only for work: these can all count, with records to back them up. A boat rarely passes either test.

Keep receipts and a mileage log through the year. If you haven't, bring what you have and we'll work out what can be supported.

One client was a notary loan signing agent in 2021 and 2022, with "all the itemizations and documentation that needed to be accounted for". When she went back to W-2 work, she came back for her 2023 return too.

Quarterly estimated taxes

Nobody withholds tax from self-employment income, so the IRS expects you to pay during the year. Federal estimated payments fall due around April 15, June 15, September 15 and January 15. Miss them and there can be a penalty on top of the tax.

I'll work out what to pay and when, based on what your business is actually earning.

Bookkeeping and business advice

Bookkeeping through the year means tax time is a summary, not an excavation. I also advise on the tax side of business decisions: how to set up, what a change will mean at tax time, and what to keep track of.

Planning ahead for the year is covered on the tax planning page.

What a small business return costs

It depends on how involved the business is and what state the records are in. You get the price before any work starts, and the first conversation is free.

What clients say

“Tom has done my personal and small business taxes for the past few years. He is always thorough and helpful. Knows his business and has definitely helped me file complete, money saving returns year after year. I highly recommend Stephens Tax Service, LLC”

William S. · BBB, March 2022

“I used Tom's service when I was a notary loan signing agent from 2021 to 2022. With all the itemizations and documentation that needed to be accounted for, I needed an expert like Tom to handle everything. He did not disappoint and I even received a refund. Even though I no longer do loan signings I decided to use Tom again for my 2023 taxes because I knew he could competently take care of things because I had several W2s to file. I've really enjoyed working with Tom and would recommend him to anyone seeking an experienced tax professional.”

Anita B. · BBB, 2024

“You might initially be concerned about meeting a stranger at Panera and giving them every personal piece of information about you. However, this transaction was great! Everything followed the process as stated from the quick review time to a good amount of correspondence. I had my return done sooner than expected, got all of my documents back, got some good advice for next year, and it was over. I have no reason to look for another tax preparer. If you have questions about tax strategies, side hustles or other financial goals, you will be happy to work with Tom. Thanks for dealing with my last minute taxes!”

Catrina C. · Thumbtack, July 2020

Questions about small business and self-employed taxes

Do I need to make quarterly estimated tax payments?

Usually, if you expect to owe $1,000 or more in federal tax for the year after withholding and credits. Payments fall due around April 15, June 15, September 15 and January 15. I can work out the amounts with you so the April bill isn't a shock.

Can you do my personal and business returns together?

Yes, and it's simpler that way. Sole proprietor income on Schedule C, and your share of a partnership's income, both end up on your personal return anyway.

I have a W-2 job and a side business. Is that a separate business return?

Usually not. A side business run by one person normally goes on a Schedule C attached to your personal return. You report the income, deduct the business expenses, and pay self-employment tax on the profit.

Do you offer bookkeeping?

Yes. Bookkeeping through the year keeps your numbers straight, so your tax return becomes a summary of records you already have.

Talk to Tom about your taxes

Call (440) 331-8989. The office is open Monday to Friday, 10am to 6pm, with other times by appointment. The first conversation is free.

Call (440) 331-8989 Send Tom a message