Generally speaking, S-Corporations do not pay tax. If they were previously a C-Corp it’s possible they could run into some built-in gains, but those are somewhat unusual. A true S-Corp shouldn’t pay any tax, but sometimes they do need to make a tax deposit. No tax liability, but a tax deposit required?...
As business owners look forward to retirement, many of them have high hopes they can pass along their business to their children. A lot of times they just don’t know how to make this happen. If this is something you are hoping for your business, be sure to speak to your children early and often....
Many of the topics I blog about are tax deductions or credits or planning opportunities - good things. A deemed distribution is something to be avoided. It is definitely not a good thing. ...
For those that collect tips on their job, there can be a lot of confusion. Are they taxable? Which industries are required to report? Can I just use a percentage? Does it matter?...
If you received a letter from the State that you are being audited for sales tax, would you panic or would you be confident that the audit would go smoothly? If you haven’t already been audited, then you will be receiving an audit notice at some time in the future. Here are a few areas to consider:...
Accounting software can vary depending on need, cost, capabilities, etc., but no matter what type you use, it is important that the accountant within your company or organization understands how to use the software and the capabilities within it....
What really is a non-profit organization? Can they make a profit? Are donations to them always tax deductible?...
Crowdfunding is becoming an increasingly popular way for businesses or individuals to raise money. The internet and sites like Kickstarter makes it possible now to collect $5 from 5,000 people in order to raise the $25k you need in order to make a short film or design a new board game. ...
What should you do when you are waiting for a K-1 to file your return? If you are a business owner that has a K-1 that contains the majority of your income for the year, hopefully you have been doing tax plans so you have a pretty good idea of what that K-1 will contain....
Most small business owners are trying to wear all hats – salesman, bookkeeper, CFO, CEO, janitor, etc. This does not allow for them to do everything really well. It seems the areas where most lack is in the recordkeeping and accounting functions....
Do you have a business idea and want to start up your own business? I bet this thought is one of the scariest but most exciting thoughts you have had in awhile....
It is that time of year again that so many people try to pretend isn’t here. They dread the paperwork, receipt gathering, reconciling, updating the accounting software and the unknown of “Am I going to owe a bunch of money for taxes?”...
