USA Tax Services — SK Financial Inc.

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At SK Financial, we specialize in helping U.S. individuals, small businesses, and corporations meet their federal and state tax obligations while maximizing every legal tax benefit available. Our mission is simple — reduce your tax liability legally, secure your maximum refund, and keep you fully compliant with the IRS.

We handle everything from individual income tax returns to complex corporate filings, ensuring your taxes are prepared with precision and strategy.

Filing your taxes on time and accurately is not just a legal obligation — it’s an opportunity to keep more of your hard-earned money.

Benefits of Filing Taxes:

• ✅ Avoid Penalties & Interest – Stay compliant with IRS deadlines.
• ✅ Maximize Refunds – Claim deductions, credits, and adjustments you’re entitled to.
• ✅ Build Financial Records – Useful for loans, mortgages, and business credit.
• ✅ Peace of Mind – Know your tax situation is handled by professionals.
• ✅ Legal Tax Savings – Structure your finances to pay only what you owe — and no more.
   

Consequences of Not Filing Taxes:

• ❌ IRS Penalties & Late Fees – Can quickly add up over time.
• ❌ Interest on Unpaid Taxes – Increases your overall tax debt.
• ❌ Loss of Refunds – Refund claims expire after three years.
• ❌ Legal Action – Possible wage garnishments, liens, or levies.
• ❌ Damage to Credit & Financial Standing – Hurts your ability to borrow.
   

With SK Financial, you’ll never have to worry about missed deadlines or missed opportunities for savings.

Our Core Services:

• Individual federal & state income tax preparation (Form 1040)
• Partnership returns & K-1 preparation (Form 1065)
• C-Corporation returns (Form 1120)
• S-Corporation returns & shareholder K-1s (Form 1120-S)
• Year-round tax planning and compliance reviews
• IRS notice response & audit support (representation options available)
• Electronic filing (e-file) and secure document management

We provide complete preparation and filing services for all major U.S. tax forms required by residents:
 

Who files: Every U.S. resident individual with filing obligations.

What it reports: W-2 wage income, 1099 income (contractor, interest, dividends), capital gains/losses, rental income, retirement distributions, itemized or standard deductions, tax credits, and tax payments.

Key schedules you may need:

• Schedule 1 — Additional income and adjustments (e.g., business income if Schedule C applies, educator expenses, IRA deductions)
• Schedule 2 — Additional taxes (AMT, certain other taxes)
• Schedule 3 — Nonrefundable credits (education credits, foreign tax credit)
• Schedule A — Itemized deductions (mortgage interest, medical, state/local taxes — note SALT limits)
• Schedule D — Capital gains and losses
   

Common complexities:

• Multiple 1099s (misc, NEC, DIV, INT) requiring careful reconciliation
• Capital gains timing and basis adjustments — incorrect basis is a frequent error
• Itemized vs. standard deduction optimization
• Tax credits (child tax credit, education credits) that require documentation
   

Typical documentation checklist:

• W-2s and all 1099 forms (1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B)
• Mortgage interest statement (Form 1098)
• Year-end brokerage statements (for cost basis)
• Records of charitable contributions, medical expenses, state/local taxes paid (if itemizing)
• Closing statements for property sales (if any)
• Documents for retirement contributions, education expenses, and other credits
   

Deadlines & extensions: Federal individual returns are typically due mid-April (commonly April 15; the exact date can vary). Filing an extension (Form 4868) generally extends filing to mid-October. Extensions extend filing time, not payment deadlines.

Who files: Partnerships and multi-member LLCs taxed as partnerships.

What it reports: Partnership income, deductions, credits, and distribution of income items to partners via Schedule K-1.

Key deliverables:

• Form 1065 — partnership informational return. 
• Schedule K-1 (Form 1065) for each partner — shows each partner’s share of income, deductions, and credits to be reported on their individual returns
   

Common complexities:

• Correct allocation of profit/loss per partnership agreement
• Guaranteed payments vs ordinary income
• Properly calculating basis and capital accounts for partners
• Multi-state apportionment when partners or activities cross state lines
   

Documentation checklist:

• Partnership financial statements (profit & loss, balance sheet)
• Partnership agreement and any amendments
• K-1s from investments or pass-through entities the partnership owns
• Records of partner contributions and distributions
• Invoices, receipts, and supporting documents for partnership deductions
   

Deadlines & extensions: Form 1065 is typically due by mid-March for calendar-year entities (often March 15). A six-month extension is available (commonly to mid-September).

Who files: C corporations (entities taxed separately from owners).

What it reports: Corporate income, deductible business expenses, net income tax, and tax credits. Corporations calculate tax on corporate taxable income and pay corporate taxes.

Key considerations:

• Corporate tax rates and applicable credits
• Dividends to shareholders (dividend reporting on the shareholders’ returns)
• Intercompany transactions and transfer pricing within related entities
• Proper capitalization vs expense treatment (e.g., repairs vs capital improvements)
   

Documentation checklist:

• Complete corporate financial statements
• Trial balance and general ledger detail supporting revenue and expense items
• Documents for depreciation, amortization, and capital asset purchases
• Records of corporate distributions and shareholder loans
• Payroll summaries (for information only — payroll tax matters are separate)
   

Deadlines & extensions: Form 1120 is typically due mid-April for calendar-year corporations (date may vary). A six-month extension is generally available.

Who files: S corporations (pass-through entities electing S status).

What it reports: S-corp income and deductions, with income/loss reported to shareholders via Schedule K-1 for inclusion on their individual returns.

Key points:

• Reasonable compensation for shareholder-employees is critical — IRS scrutinizes salary vs distributions
• Shareholder basis tracking is important to determine deductible losses and tax consequences upon distributions
• S-corp income flows through to shareholders, who pay tax at individual rates
   

Documentation checklist:

• Corporate books and financial statements
• Payroll records showing shareholder wages and withholdings
• Shareholder stock and loan records (basis calculations)
• Records supporting deductible expenses and shareholder distributions
   

Deadlines & extensions: Form 1120-S is typically due mid-March for calendar-year S corporations. Six-month extensions are available.

1. Missing or mismatched information (names, SSNs, EINs) — we validate data against source documents.
2. Incorrect cost basis on securities — we reconcile brokerage statements and use accurate acquisition history.
3. Failing to issue or reconcile K-1s — we create and reconcile K-1s to partnership/corporate books.
4. Failing to file on time or underpaying — we calculate estimated tax requirements and advise on payment strategies.
5. Improper allocation of partnership items — we review partnership agreements and apply proper allocations.
    

SK Financial uses checklists, multi-point reviews, and software controls to catch and correct errors before e-filing.

We design tax positions to lawfully reduce effective tax rates and improve cash flow:

• Entity structure review: Analyze whether S-corp vs LLC vs C-corp status offers tax benefits for your situation.
• Timing income and deductions: Deferral or acceleration where appropriate to smooth tax exposure.
• Maximizing retirement contributions: Employer plans and individual retirement contributions reduce current taxable income.
• Depreciation & Section 179: Optimize cost recovery for qualifying business property (consultation required for specifics).
• Utilize credits: Identify and claim applicable federal credits such as research credits, energy incentives, and education credits.
   

We provide year-round planning — not just seasonal tax prep — to ensure planning opportunities are implemented in time.

If you receive correspondence from the IRS or a state tax authority, SK Financial will:

• Review the notice and prepare a written response or documentation package
• Represent you in communications with the IRS (Power of Attorney/Form 2848) when authorized
• Negotiate penalty abatements, installment agreements, or other resolution options where appropriate
   

Our aim is to resolve notices efficiently while preserving your rights and minimizing exposure.

• W-2s and all 1099s
• Year-end brokerage statements and transaction history
• Mortgage interest (1098), property tax documentation (if itemizing)
• Records of charitable gifts, medical expenses (if itemizing)
• Closing statements for real estate transactions
• Proof of retirement plan contributions, HSA records, and education expenses
   

• Partnership agreement & amendments
• Year-end financial statements (P&L, balance sheet)
• Records of partner contributions & distributions
• Invoices, receipts supporting deductible expenses
   

• Full corporate financial statements and general ledger details
• Fixed asset schedules (additions, disposals)
• Records of shareholder compensation and distributions
• Bank statements and supporting expense documentation
   

You can submit documents electronically via our secure portal. We will provide a tailored checklist after the initial consultation.