Self-employment tax
A profitable sole proprietor pays self-employment tax on every dollar of profit.
How we helpWe compare an S corporation election, set a reasonable salary and run owner payroll so you keep more.
Professional services · Tax · Books · Insurance
Tax, books and insurance for consultants and professional firms
Your expertise is the product. We choose the right entity, set a smart owner salary and protect you from the claims that come with advice.
Consultants, agencies, engineers, IT firms and management companies work with our office for entity planning, S corporation payroll, bookkeeping and errors and omissions coverage.
Reviewed by Orkun Ozkaymak, CPA, MBA·Clients in all 50 states and abroad
Consultants and professional services
A lean business with big tax decisions
Professional service businesses have low costs and high margins, so entity choice, owner pay and retirement planning matter more than anything else on the return.
Our office plans the structure, runs owner payroll, keeps your books and prepares your returns, and our agency covers your professional liability.
Special needs
What makes professional services different, and how we help
Where consultants and firms gain the most.
The service business deduction limit
Many consulting, health and financial fields are specified service businesses whose qualified business income deduction phases out at higher incomes.
How we helpWe model your deduction each year and time income and retirement contributions to protect it.
Irregular income
Project income arrives unevenly, which makes estimated payments hard to plan.
How we helpWe set up quarterly estimates based on your real results, not a guess.
Claims about your advice
A client who says your work cost them money can sue even if you did nothing wrong.
How we helpOur agency quotes errors and omissions coverage sized to your contracts.
One coordinated office
Services for consultants and professionals
Tax, accounting and insurance under one roof, so the numbers on your return, your books and your policies all agree.
Tax and accounting
IncorporationsLLC formation and S corporation elections.Learn more Payroll taxOwner payroll and staff payroll.Learn more QuickBooks bookkeepingQuickBooks with project and client reporting.Learn more Business income taxS corporation, partnership and corporate returns.Learn more Financial planningRetirement plans and personal tax planning.Learn more
Insurance
Errors and omissionsErrors and omissions sized to the limits your client contracts require.Learn more Commercial insuranceGeneral liability and business owners policy.Learn more Life insuranceLife insurance for owners and key people.Learn more Health insuranceHealth coverage for owners and small teams.Learn more
Calendar
Filings we keep on schedule
The recurring deadlines consultants and professionals face most often. We track them for you and send reminders before anything is due.
- March 15S corporation and partnership returnsForm 1120-S or Form 1065.
- March 15S corporation electionForm 2553 to be effective for the current year.
- Apr 15Jun 15Sep 15Jan 15Estimated paymentsFederal and Illinois.
- January 31W-2 and 1099-NECFor owners, staff and contractors.
Dates shown are for calendar-year filers. When a due date falls on a weekend or holiday, it moves to the next business day.
QuickBooks Online
Books built for consultants and professionals
Your QuickBooks shows revenue and margin by client and project, so you know where your time pays best.
Our office sets up QuickBooks Online with a chart of accounts designed for your industry and your entity type, mapped line by line to your tax return. Your books are ready for filing season all year.
Chart of accounts
- 41000Consulting feesIncome
- 41200Management feesIncome
- 41500Reimbursed expensesIncome
- 52000Subcontracted servicesCOGS
- 60500Officer compensationS corp
- 62300Professional liabilityExpense
Mapped to your tax return lines
Questions
What consultants and professionals ask us
When should I elect S corporation status?
Often once profit is steady enough that payroll tax savings outweigh the cost of payroll and a separate return. We compare the numbers for your situation.
What is a reasonable salary?
It is what you would pay someone else to do your job, considering your role, hours and industry. We document how we set it.
Do consultants need E&O insurance?
Many client contracts require it, and it protects you when a client claims your advice caused a loss. We quote it with your other coverage.
Related industries
All industriesLaw firms and attorneysClient trust money is not your money. We keep IOLTA accounts reconciled, partner draws clear and your practice ready for any review.Explore Medical and dental practicesYou care for patients. We handle entity planning, owner pay, equipment and retirement strategy so your practice keeps more of what it earns.Explore International foundersYou can build a U.S. company without living here. We form it, get your EIN, keep your books and file every U.S. return on time.Explore
Next step
Let's talk about your business
Request an insurance quote, or start your company with our office. Prefer to talk first? Book a time, virtual or in person.