Your Business Deserves More Than a Once-a-Year Tax Filing

Running a business means making financial decisions year-round — and the right advisor helps you make them with confidence, not guesswork. At Hedlund Tax & Accounting, we work with small business owners in Federal Way and across the South Puget Sound as a year-round partner: part tax advisor, part business strategist, part sounding board.

 

Whether you're figuring out how to structure your business, how to pay yourself, or how to keep quarterly taxes from blindsiding you, this is where that work happens.

What Small Business Advisory Actually Looks Like

Most business owners don't need more information — they need someone to help them sort through what they already know and make a clear decision. Our small business advisory work is built around that. We don't hand you a checklist and send you on your way. We sit down with you, look at where your business actually stands, and help you think through the decisions that have real tax and financial consequences.

 

That includes:

 

  • Entity structure: Whether an LLC, S-corp, or other structure fits your situation — and whether it's time to change
  • Owner compensation: How to pay yourself in a way that's defensible to the IRS and efficient for your tax picture
  • Cash flow planning: Understanding what your business earns versus what you actually keep
  • Quarterly estimated taxes: Getting ahead of your obligations so you're not scrambling in April
  • Business and personal tax coordination: Making sure your business and personal returns are telling the same story
Hedlund Tax & Accounting, PLLC logo in teal text on a white background

Starting a Business? Here's Where to Begin

One of the most common questions we hear: "I'm thinking about starting a business — where do I even start?" The answer depends on what you're building, what you already have, and what you're trying to protect. We help new and prospective business owners think through entity formation, initial tax obligations, and how to set up the financial side of the business from day one — before the decisions get more expensive to undo.

 

If you're at the beginning, the Strategic Tax Meeting is a natural starting point. It's a structured, focused session designed to get you oriented and leave you with a clear set of next steps.

The Decisions That Shape What You Keep

Small business tax planning isn't just about filing returns accurately — it's about the choices you make before the year ends. The structure of your entity, how you take compensation, what you put into retirement accounts, and how you time major purchases all determine how much of your revenue you actually keep.

 

We bring a credential set that's uncommon in this space — a JD, LL.M. in Taxation, MBA, and CFP® — not to impress you, but because these decisions sit at the intersection of tax law, business strategy, and personal finance. Having all of that in one advisor means nothing falls through the cracks between your business life and your personal one.

S-Corp Election & Entity Strategy

Small business tax planning isn't just about filing returns accurately — it's about the choices you make before the year ends. The structure of your entity, how you take compensation, what you put into retirement accounts, and how you time major purchases all determine how much of your revenue you actually keep.

 

We bring a credential set that's uncommon in this space — a JD, LL.M. in Taxation, MBA, and CFP® — not to impress you, but because these decisions sit at the intersection of tax law, business strategy, and personal finance. Having all of that in one advisor means nothing falls through the cracks between your business life and your personal one.

Owner Compensation & Quarterly Taxes

How you pay yourself as a business owner is one of the most scrutinized areas of a small business tax return. We help you establish a reasonable compensation structure, set up quarterly estimated tax payments that reflect your actual income, and avoid the penalties that come from underpaying or overpaying throughout the year.

 

Learn more on our Owner Compensation & Quarterly Taxes page.

Bookkeeping & Advisory Support

Good decisions require accurate numbers. We offer bookkeeping and advisory support to help business owners maintain clean financials — not as a standalone data-entry service, but as a foundation for the planning conversations that follow.

 

Learn more on our Bookkeeping & Advisory Support page.

Business Tax Return Preparation

Advisory and preparation work best when they're handled together. We prepare S-corp and partnership returns (Form 1120-S and 1065) as part of a complete picture — so what we planned for during the year is reflected accurately when it's time to file.

 

Learn more on our Business Tax Returns page.

A Year-Round Relationship, Not a Filing Transaction

Tax season is one moment in the year. The decisions that affect your tax bill happen all year long — when you hire someone, buy equipment, take a distribution, or consider adding a partner. A year-round advisory relationship means those moments get the attention they deserve, not a rushed answer in February.

 

We work with a focused roster of small business clients so that every client gets real access and real continuity. That's a deliberate choice, not a marketing line.

Ready to Work with a Small Business Tax Advisor in Federal Way?

  • How is a small business tax advisor different from a regular accountant?
    A tax advisor focused on small businesses does more than prepare your return accurately — they help you make decisions throughout the year that affect what you owe. That includes entity structure, compensation strategy, retirement contributions, and timing of income or expenses. The preparation is the record of what happened; the advisory is where the planning occurs.
  • How should I pay myself as a business owner?
    It depends on how your business is structured. Sole proprietors and single-member LLCs take owner's draws, which are subject to self-employment tax on net profit. S-corp owners are required to pay themselves a reasonable salary through payroll, with additional distributions possible beyond that. The right approach balances IRS compliance, self-employment tax efficiency, and your personal cash flow needs — and it's worth getting right early.
  • When should I consider electing S-corp status?
    S-corp election tends to make financial sense when your net business income is high enough that the payroll and administrative costs are offset by the self-employment tax savings. A rough starting point many advisors reference is around $40,000–$50,000 in net profit, but the real answer depends on your specific numbers, your state tax situation, and whether you're prepared for the added compliance requirements. We walk through this in detail before recommending anything.
  • Do I need to make quarterly estimated tax payments?
    Most self-employed business owners do. If you expect to owe $1,000 or more in federal taxes for the year, the IRS generally requires you to pay in quarterly installments. Missing or underpaying those installments can result in penalties even if you pay the full balance by April. Getting your quarterly payments calibrated to your actual income — not just a flat estimate — is one of the more practical things a year-round advisor can help with.
  • Can you help with both my business and personal tax returns?
    Yes, and that coordination matters more than most people realize. Your business return and your personal 1040 are connected — income flows through, deductions interact, and decisions made on one side affect the other. Handling both in one place means we're not working from incomplete information on either return, and the planning we do during the year is reflected consistently across both.