Contractor Business Tax Preparation
Professional tax preparation services designed for first-year California contractors operating as an S Corporation or LLC. Our service helps qualifying businesses meet their filing requirements while receiving personalized support from a Licensed Tax Professional.
This service is intended for businesses with annual gross receipts of $150,000 or less, providing an affordable solution for newer contractors with straightforward business tax returns.
Service Fee
Purchase Tax Preparation Service
$500
Up to $150,000 Gross Receipts
Service Qualifications
This service is designed for businesses that meet all of the following qualifications:
- California S Corporation or LLC
- First-year contractor business
- Annual gross receipts of $150,000 or less
- One shareholder (S Corporation) or one member/partner (LLC)
Additional shareholders or partners are billed at $60 each.
| Service | Fee |
|---|---|
| Business Tax Preparation (Up to $150,000 Gross Receipts) | $500 |
| Additional Shareholder / Partner | $60 each |
What's Included
Business Tax Return Preparation
Preparation of your qualifying S Corporation or LLC federal and state business tax returns.
Income & Expense Review
Review your business income, deductible expenses, and supporting tax documentation.
Contractor-Focused Service
Tax preparation specifically designed for California contractors and construction businesses.
Professional Review
Meet with a Licensed Tax Professional to review your completed return before filing.
Future Tax Savings
Discuss potential changes that may help reduce your future tax liability and improve your overall tax strategy.
Q & A
Receive answers to your business tax preparation questions throughout the process.
Frequently Asked Questions
Learn more about our First-Year Contractor Tax Preparation Service for LLCs and S Corporations.
Who is this tax preparation service designed for?
This package is specifically designed for first-year LLCs and S‑Corporations with up to $150,000 in gross receipts and one owner/shareholder. It provides a simple, affordable solution for new business owners who need professional business tax preparation.
What tax returns are included?
This service includes all required business income tax filings for your LLC or S‑Corporation. It does not include Secretary of State filings, business license renewals, sales tax returns, payroll tax filings, or other regulatory filings unless specifically requested as an additional service.
What if my business has more than one owner?
The base package includes one shareholder or one partner. Each additional shareholder or partner is $60.
What if my business has more than $150,000 in gross receipts?
We also prepare tax returns for larger businesses. Pricing starts at $500 for businesses with more than $150,000 in gross receipts and includes one owner/shareholder. Additional owners/shareholders are $60 each. Please contact us for a personalized quote based on your business.
Can you help identify deductible business expenses?
Yes. We'll review your business records and identify eligible deductions such as insurance, licensing, office expenses, subcontractors, advertising, supplies, vehicle expenses, equipment, and more.
Do you help with equipment and tool depreciation?
Yes. We'll review qualifying business assets such as tools, trailers, machinery, computers, and equipment to determine the appropriate depreciation or expensing treatment available under current tax law.
Can you advise on tax-saving strategies?
Yes. During the preparation process we identify opportunities that may reduce your current and future tax liability, including:
- Equipment depreciation planning
- Vehicle deduction strategies
- Retirement contribution opportunities
- Estimated tax planning
- Business expense optimization
- Improved recordkeeping practices If you currently operate as a sole proprietor, we can discuss the potential benefits of converting to an LLC or S‑Corporation, depending on your circumstances. One significant advantage available to many California business owners is the California Pass-Through Entity Tax (PTET) election. PTET may allow the business to pay qualifying California state income taxes at the entity level, creating a federal business tax deduction that may help reduce the impact of the federal SALT deduction limitation. Eligibility depends on your specific situation, and we'll discuss whether this strategy may benefit your business.
Will you help with shareholder or partner tax allocations?
Yes. We prepare the required ownership allocations based on your ownership percentages to ensure income, deductions, and other tax items are properly reported.
What documents do I need?
Typical documents include:
- Profit & Loss Statement
- Business bank statements
- Prior-year tax returns (if applicable)
- Equipment purchase records
- Vehicle expense information
- Business insurance expenses
- Payroll records (if applicable)
- Any additional documentation requested during preparation
Can you help if my bookkeeping isn't organized?
Yes. Many first-year contractors are still establishing bookkeeping systems. We'll help identify what's needed to prepare your return and recommend bookkeeping assistance if additional cleanup is necessary.
Will I receive recommendations for future tax savings?
Absolutely. We'll discuss planning opportunities that may improve your tax position in future years and help you make informed financial decisions as your business grows.
How long does the tax preparation process take?
Turnaround time depends on the completeness of your records and the time of year. Once all required documents have been received, we'll provide an estimated completion date.
Do you offer bookkeeping or ongoing tax planning?
Yes. We also provide bookkeeping services, tax planning consultations, and business advisory services to help contractors stay organized and maximize future tax savings.
Do you offer payroll services?
Yes. We offer affordable payroll services, including an economical option designed specifically for S‑Corporation owners who only need to pay themselves a reasonable salary. For many qualifying businesses, this allows the owner to run a single annual payroll while helping satisfy IRS reasonable compensation requirements. We'll help determine the payroll solution that's appropriate for your business.
Will my tax return be electronically filed?
Yes. Once your return has been reviewed and approved, we'll electronically file all eligible federal and state tax returns.
Why choose Lexana Signature?
We specialize in helping contractors build financially strong businesses. Our team understands the unique tax challenges construction businesses face, including depreciation, subcontractor reporting, entity taxation, and long-term tax planning. Our goal is to help you remain compliant while identifying opportunities to save money and support your business's growth.
Disclaimer: Tax preparation and planning recommendations are based on the information provided by the client and applicable tax laws in effect at the time of preparation. Individual circumstances vary, and tax laws are subject to change.
Request a Service
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