Rik J Vandejen CPA

Louis F. Patten CPA provides Individual Tax Preparation Services in the Lake Worth, Boynton Beach and Wellington areas. A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year.

Louis F. Patten CPA provides Corporate Tax Services in the Lake Worth, Boynton Beach and Wellington areas. Corporate tax or company tax refers to a tax imposed on entities that are taxed at the entity level in a particular jurisdiction. Such taxes may include income or other taxes. The tax systems impose an income tax at the entity level on certain type(s) of entities (company or corporation).

In general, S corporations do not pay any federal income taxes. Instead, the corporation's income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.

This concept is called single taxation; if the corporation is taxed as a C corporation, it will face double taxation, meaning both the corporation's profits, and the shareholders' dividends, will be taxed.S corporation status provides many of the benefits of partnership taxation and at the same time gives the owners limited liability protection from creditors.

A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit.

Estate and trust tax preparation are probably the most important aspects of your financial management. Estate and trust tax preparation helps to preserve, protect, and enhance your financial legacy. Effective planning facilitates the orderly transfer of assets to your beneficiaries, can minimize tax penalties on the transfer of assets, and most importantly, provide security for your surviving loved ones.