Income Tax Preparation Services for Individuals & Small Businesses

Madsen and Company provides professional income tax preparation services for individuals and small businesses who value accuracy, compliance, and returns prepared with strategic intent — not rushed data entry.

With over 30 years of CPA experience and modern AI-powered tools, we ensure your federal and state tax returns are filed correctly, deductions are supported, and reporting is consistent from year to year to support long-term tax planning.

As a Utah-based, virtual-first CPA firm, we work with clients through secure portals, electronic delivery, and digital signatures—making tax preparation efficient and accessible no matter where you’re located.

We specialize in supporting service-based businesses, contractors, S-Corporations, and real estate investors who want more than a filed return — they want tax preparation aligned with proactive planning and long-term decision-making.

What Tax Preparation Services Does Madsen and Company Provide?

We prepare and file tax returns for individuals and all business entity types. Our focus is accurate, compliant reporting — while identifying patterns and issues that inform proactive tax planning for future years.

Individual Tax Returns

• Form 1040 preparation

• Investment income reporting

• Rental real estate (Schedule E)

• Retirement income, Social Security, and pensions

• Capital gains and loss reporting

• Depreciation schedules

• Itemized deductions

• State income tax returns

Business Tax Returns

• S-Corporation returns (1120S)

• Partnership returns (1065)

• C-Corporation returns (1120)

• LLC tax filings

• Multi-member LLCs

• Annual K-1 preparation

• Sole proprietor returns (Schedule C)

Real Estate Investor Tax Preparation

Our real estate investor tax preparation services focus on accurate reporting of complex transactions while preserving deductions and loss strategies across multiple tax years.

• Rental property income and expenses

• Depreciation and bonus depreciation

• Cost segregation coordination

• 1031 exchange reporting

• Passive loss rules and carryforwards

Contractor and Service Business Tax Preparation

• Vehicle and mileage strategies

• Home office deductions

• Asset purchases and depreciation

• S-Corporation wage and distribution analysis

These items are reviewed not only for accuracy, but for opportunities to improve tax efficiency in future years.

What You Can Expect From Our Tax Preparation Process

1. Complete Financial Review

We analyze income, expenses, payroll, distributions, and industry-specific deductions to ensure your return is accurate.

2. Strategic Tax Positioning

We identify reporting issues, missed deductions, and structural inefficiencies that inform proactive tax planning recommendations for the upcoming year.

3. AI-Enhanced Accuracy

We use modern tools to catch inconsistencies, reduce preparation time, and ensure nothing is missed.

4. Plain-English Explanations

We explain every major item so you understand your return—not just sign it.

5. Secure, Virtual Document Handling

Our virtual-first setup makes it easy to upload documents and receive your return from anywhere.

Why Choose Madsen and Company for Tax Preparation?

• Over 30 years of CPA experience

• Trusted accounting firm since 1995

• Specialized in S-Corporations, contractors, and service businesses

• Accurate, compliant, and complete returns

• AI-powered tools for thorough analysis

• Clear, proactive communication

• Year-round support, not seasonal help

We don’t just prepare tax returns — we prepare them with context, consistency, and long-term strategy in mind.

Tax Problems We Help Solve

• Unexpected high tax bills

• Incorrect prior-year filings

• IRS notices and letters

• Missing or inaccurate bookkeeping

• S-Corporation compensation issues

• Misclassified personal versus business expenses

• Depreciation errors

• Multi-state confusion

If something was filed incorrectly or missed last year, we’ll fix it and strengthen your plan going forward. 

Frequently Asked Questions — Income Tax Preparation Services

What is included in business tax preparation services?

Business tax preparation focuses on accurately reporting what already occurred during the year.

This includes income reporting, deduction review, depreciation calculations, payroll and expense reconciliation, K-1 preparation, entity-specific tax filings, and a year-end consistency review. The goal of tax preparation is compliance and accuracy — ensuring your return is complete, properly documented, and filed correctly based on finalized financial information.

Why is a CPA recommended for S-Corporation tax preparation?

S-Corporations involve additional compliance requirements that benefit from CPA oversight.

S-Corporation tax returns include payroll reporting, reasonable compensation rules, shareholder distributions, basis tracking, and K-1 preparation. A CPA helps ensure these items are reported correctly and consistently, reducing errors, penalties, and audit risk.

Do real estate investors need specialized tax preparation?

Yes. Real estate tax preparation requires experience with complex reporting rules.

Real estate returns often involve depreciation, passive activity limitations, loss carryforwards, property sales, and special elections. Proper preparation ensures these items are reported accurately and consistently from year to year.

Can you prepare both business and personal tax returns together?

Yes. We commonly prepare business and personal tax returns as a coordinated set.

Preparing returns together improves accuracy, ensures income flows correctly between entities and individuals, and reduces the risk of missing or mismatched reporting items.

What documents do I need to prepare my tax return?

Tax preparation starts with complete and accurate records.

Common documents include prior-year tax returns, income forms, expense records, payroll reports, real estate activity summaries, and year-end financial statements. We provide clear guidance on what’s needed so the process is efficient and organized.

How long does income tax preparation usually take?

The timeline depends on return complexity and the completeness of information provided.

Simple returns may be completed more quickly, while business, S-Corporation, and real estate returns typically take longer due to additional reporting requirements. We communicate timelines upfront once all required information is received.

What happens if a tax return is filed incorrectly?

Errors on a tax return can lead to notices, penalties, or additional taxes.

Accurate preparation helps reduce these risks. When issues arise, properly prepared returns are easier to support and correct because documentation and reporting are consistent.

Is tax preparation the same as tax planning?

No. Tax preparation reports past activity, while tax planning focuses on future decisions.

Tax preparation ensures accurate filing based on what already occurred. Tax planning involves evaluating strategies before year-end to reduce future tax liability. Both are important, but they serve different purposes.

Can tax returns be prepared virtually?

Yes. Tax preparation can be completed fully online.

We use secure client portals, electronic document delivery, and electronic signatures, allowing clients to work with us regardless of location while maintaining confidentiality and compliance.

Start Your Tax Preparation With Confidence

If you want an accurate return, proactive strategy, and clear guidance—not just basic data entry—we’re here to help.

Schedule a tax preparation consultation with Madsen and Company or call us.

Let’s get your return filed right and prepare you for a tax-efficient year ahead.