Affluent Financial Services is a US Based CPA firm. Our core services include Financial Audits, CFO Services, Bookkeeping & Tax Services.
(301) 921 8585
Successfully Providing Financial Services from 25 years
For the purposes of the United States federal income tax, trusts, limited liability companies, and limited liability partnerships may all be collectively categorized as partnerships.
The IRS considers partnerships as a channel through which income goes to the owners, in this case, the partners. Partnerships are therefore not considered as individual entities for which in this case only the share of profits or losses gained by the partners shall be the ones subjected to taxation.
As much as the partnership itself does not submit any taxes, they must all submit forms 1065 for which shall be used to determine whether the individual partners have correctly filed their taxes under form 1040 attached with the schedule.
One of the best CPA firm in Maryland.
Now serving the clients with operations in United States, Canada, Europe, Asia & Asia Pacific
Perform a high quality audit in as cost effective a manner as possible
We operate in a paperless audit environment and use various software and tools
Engaging professional accountancy officers who may help make proper minimization of the taxable incomes that may be charged to an individual.
Incurring travel and insurance expenses for purposes of the business operations. In this case insurance may be taken for purposes of workmen’s compensation, theft and burglary, liability or even fire insurance that may help protect the business in case there arises any perils. This at the end is deductible on the business income before profits/losses distribution.
Entertainment expenses and meals for entertaining the business guests.
Compensations to self and other employees together with any other benefits that may arise.
Seasonal gifts that may be given to employees and even customers for purposes of motivation or retention of customers.
Motor-vehicles expenses incurred for operation of vehicles in and around the business or away from the business for the purposes of the business transactions.
Incorporation of the partnership may also help lower its tax liability because they may be subjected to certain or various tax regulations in this case that will help significantly lower liability.
Individual partners may decide to make contributions to charitable trusts and other NPO’s to help lower their tax burden. This is because all this shall be eventually deducted.