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Professionals and Service Businesses

CPA and Tax Advisory Services for Professionals and Service-Based Businesses in South Jordan, Utah

CPA and tax advisory services for professionals and service-based businesses in South Jordan, Utah, including consultants, healthcare providers, and business owners reviewing financial documents.

Madsen and Company provides proactive tax planning, tax preparation, bookkeeping, and payroll services for professionals and service-based business owners in South Jordan, Utah.

As a Utah-based, virtual-first CPA firm, we combine over 30 years of CPA experience with modern AI-powered tools to help consultants, freelancers, and service firms reduce taxes, simplify finances, and operate with year-round confidence.

If you own a service-driven business, you need an advisor who understands how you earn income, how you bill clients, and how to structure compensation and expenses for maximum tax efficiency. That’s where we come in.

 

Who We Help

Our services are designed for professionals who run small businesses, including:

  • Consultants

  • Coaches and trainers

  • Marketing and sales professionals

  • Designers and creatives

  • Freelancers

  • Agents (insurance, real estate, financial)

  • Therapists and independent wellness providers

  • IT professionals and independent tech contractors

  • Attorneys and small law practices

  • Professional service firms of any size

If your business is built on expertise, knowledge, or professional services — you fit this category.

Why Service Businesses Need a Specialized CPA

Service-based businesses face unique financial and tax challenges:

  • Income is often variable, retainer-based, or project-driven

  • Many operate as S-Corporations

  • Expenses often include home office, software, travel, and subcontractors

  • Owner compensation must be structured correctly

  • Quarterly tax payments can be unpredictable without planning

We understand these challenges and design proactive strategies to help you keep more of what you earn while staying compliant.

Services We Provide to Professionals and Service Businesses

Proactive Tax Advisory

Year-round tax planning to reduce taxes and eliminate surprises.

Includes:

  • Quarterly tax planning meetings

  • S-Corporation wage and distribution planning

  • Entity structure optimization

  • Deduction and credit maximization

  • AI-enhanced tax strategy analysis

  • End-of-year planning

Tax Preparation

Accurate and complete tax filing for individuals and businesses:

  • 1040 individual returns

  • 1120S S-Corporation returns

  • 1065 partnership returns

  • Multi-state filings

  • Depreciation schedules

  • K-1 preparation

  • Home office, vehicle, software, and contractor deductions

Payroll Support

We handle payroll so you stay compliant and worry-free.

Services include:

Tax Strategies for Professionals and Service Providers

We help you implement the most effective tax strategies for your industry, including:

  • S-Corporation optimization for lower self-employment taxes

  • Accountable plans

  • Home office deduction

  • Vehicle deduction (mileage or actual)

  • Contractor vs. employee planning

  • Retirement contributions (SEP, Solo 401(k), Defined Benefit)

  • Health insurance optimization

  • Software and subscription deductions

  • Travel and client meeting deductions

Each strategy is customized to how your business actually operates.

What Makes Madsen and Company Different?

✔ Over 30 years of CPA Experience

Licensed since 1993, serving Utah small businesses since 1995.

✔ Proactive, Not Reactive

We plan ahead with you — every quarter — not just at year-end.

✔ Specialized in Service-Based Businesses

We work with consultants, professionals, and small service firms every day.

✔ AI-Powered Efficiency

Modern tools help us analyze your numbers faster and more accurately.

✔ Clear, Plain-English Guidance

You’ll always understand your numbers and your strategy.

✔ Virtual-First Convenience

Secure uploads, easy communication, and no office visits required.

Frequently Asked Questions — Professional Services Accounting

Do professional service businesses need a CPA?

Yes. Professional service businesses often benefit from CPA support due to complex income, expense, and tax planning considerations.

These businesses commonly face challenges around income timing, expense classification, estimated taxes, and entity structure that benefit from proactive CPA oversight. A CPA helps ensure financial reporting is accurate, tax obligations are met, and planning decisions are made proactively—not after the fact.

What types of professional service businesses do you work with?

We work with a wide range of professional service businesses across service-driven industries.

This includes consultants, advisors, agencies, freelancers, creatives, healthcare professionals, legal professionals, and other service-based firms where revenue is driven by expertise rather than inventory or manufacturing.

What business structure is best for professional service providers?

The right structure depends on income level, profitability, and long-term goals.

Many profitable service businesses benefit from S-Corporation status, but it is not a one-size-fits-all solution. We evaluate income, expenses, growth plans, and administrative complexity before recommending or changing the entity structure.

Do you help set reasonable compensation for S-corporation owners?

Yes. Reasonable compensation is one of the most important—and most scrutinized—areas for service-based S-Corporations.

We help determine a defensible salary based on duties performed, industry standards, and business activity. Proper documentation and periodic review reduce audit risk and help maintain compliance.

Can professional service businesses deduct software, subscriptions, and online tools?

Yes. These are often some of the largest deductions for professional service businesses.

Common deductible expenses include software subscriptions, project management tools, communication platforms, continuing education, and other tools used directly in the business. Proper categorization ensures deductions are supported and reported consistently.

How is accounting for professional services different from other businesses?

Professional service accounting focuses on profitability, cash flow, and owner compensation rather than inventory or job costing.

Because revenue is tied to time, expertise, or retainers, accounting systems must clearly track income, expenses, and owner pay while supporting tax planning and decision-making throughout the year.

Can I work with your firm virtually?

Yes. We are a virtual-first CPA firm and work with professional service businesses nationwide, including Utah-based clients.

Our secure systems allow for document sharing, meetings, and collaboration without in-person visits while maintaining confidentiality and compliance.

Get Proactive Support for Your Service Business

If you’re a consultant, professional, or service-based business owner looking for clear guidance—not just annual tax filing—we’d love to help.

Request a Consultation

Call 801-260-1004 or request a consultation online.

Let’s build a smarter, more tax-efficient financial future for your business.