Tax preparation and tax planning are two different services, and most small business owners need both. Tradepoint CFOs provides Rhode Island small businesses with both — accurate, on-time tax preparation when filing season comes, and proactive tax planning throughout the year so you’re not surprised by a bill in April. We work with sole proprietors, LLCs, S-Corps, and partnerships across Rhode Island and the surrounding region.
Tax Preparation Services
We prepare and file federal and Rhode Island state returns for small businesses and the owners behind them. Tax preparation includes:
- Business returns: Form 1065 (partnership), Schedule C (sole proprietor), and Rhode Island business returns
- Owner personal returns (Form 1040) including Schedule C, K-1, and Schedule E
- Quarterly estimated tax calculations
- 1099 preparation and filing for contractors
- W-2 preparation if you use our payroll services
- Sales tax returns (RI quarterly and annual filings)
- Multi-state filings if you operate in MA, CT, or beyond
If we’re already doing your bookkeeping, tax preparation is a clean handoff with no rework. If we’re not, we’ll review your books before filing to catch any issues that would cause problems with the IRS.
Tax Planning Services
Tax preparation is reactive — we file what already happened. Tax planning is proactive — we look at what’s coming and help you make decisions that legitimately reduce your tax bill. Tax planning matters most for small business owners earning $100K+ in business income, considering an entity change, or making big decisions like buying equipment or hiring employees.
- Quarterly tax projections so you’re never surprised by your bill
- Entity selection (sole prop vs LLC vs S-Corp) and conversion analysis
- Retirement plan strategy (SEP IRA, Solo 401(k), SIMPLE IRA)
- Section 179 and bonus depreciation timing for equipment purchases
- Estimated tax payment strategy to avoid underpayment penalties
- Owner compensation strategy for pass-through entities
- Tax planning around business sale or succession
Rhode Island Sales Tax Management
Sales tax in Rhode Island has its own quirks. RI is one of the few states without an exemption for small businesses, which means even modest revenue triggers filing requirements. We handle:
- Quarterly RI sales tax filings
- Annual reconciliation
- Determining which products and services are taxable
- Multi-state sales tax for businesses selling to MA, CT, and beyond
- Use tax compliance for online purchases
- Audit support if RI Tax Division comes knocking
Who We Serve
Our tax clients are Rhode Island small business owners who want a tax preparer who understands their business — not someone who treats them like a number. We work with:
- Tradespeople and contractors filing Schedule C or as S-Corps
- Healthcare practices balancing W-2 and 1099 income
- Professional services firms (LLC, PLLC, S-Corp)
- Real estate professionals with rental property income
- E-commerce businesses with multi-state nexus questions
Tax Calendar & Key Deadlines
- January 31: 1099 forms due to contractors and IRS
- March 15: Partnership (1065) returns due
- April 15: Personal returns (Form 1040) due, plus Q1 estimated tax payments
- June 15: Q2 estimated tax payments due
- September 15: Q3 estimated tax payments plus extended Partnership returns
- October 15: Extended personal returns due
- RI sales tax: Quarterly filings due 20th of the month after quarter end
Frequently Asked Questions
Should I be an LLC or S-Corp?
The answer depends on your income level, business structure, and long-term goals. As a rough rule, S-Corp election starts making sense when net business income reaches $80K–$100K, but the analysis is nuanced. We can run the numbers for your specific situation during a tax planning consultation. (Note: S-Corp tax returns themselves are filed by a CPA — we focus on the analysis, planning, and bookkeeping.)
When should I start working with a tax preparer?
Ideally, before you actually need them. Most clients come to us in February or March panicking about taxes due in April. We can help in that situation, but we deliver more value when we start working together earlier in the year, with quarterly tax projections and proactive planning.
Can you help if I’m behind on multiple years of taxes?
Yes. Catch-up tax filings are a common engagement. We’ve helped clients file three or more years of back returns and negotiate with the IRS on penalties and interest. The sooner you address it, the better — penalties and interest compound.
Do I need separate tax planning if you do my bookkeeping?
Not always. Many of our bookkeeping clients also use us for tax preparation, and we include light tax planning as part of that engagement. For more sophisticated tax strategy work, we offer formal tax planning as a separate engagement.
Areas We Serve
- Providence, RI
- Cranston, RI
- Warwick, RI
- Woonsocket, RI
- Pawtucket, East Providence, Newport, Cumberland, Lincoln, and the surrounding RI region
Schedule a Tax Consultation
Whether you need a tax preparer for this year or a long-term tax planning partner, schedule a free 30-minute consultation. We’ll discuss your business, your tax situation, and what we’d recommend.
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