S Corporations: A Brief Overview

What Is An S Corporation?

When you are deciding on the type of corporation for your company, there are many things to consider. The IRS recognizes two types of corporations you can choose from, a C Corporation or an S Corporation. An S Corp is a business structure that allows a business to avoid double-taxation. That is because an S Corp is not required to pay tax on its profits. Instead, all profits and losses are passed directly to the shareholders on their individual tax return. Those individuals will pay tax on their share of the profits only. This differs from a C Corp, which is viewed by the IRS as a legal entity in itself; therefore, it must pay tax on its profits through the company instead of the shareholder. Each business type has its own benefits and disadvantages, so you must decide based on your unique business which model will suit you best. (more…)

Finding the Fun In Budgeting

Budgeting is the most essential step in making any kind of monetary strategy or economic blueprint. In dealing with our clients, this is one of the 1st steps we review, because it’s so crucial to your success. I know– budgeting doesn’t sound like fun at first, however offer this as a thought …

What if you could locate an extra $100/month to save and also cut out of your existing spending plan? This is by doing things such as cutting that extra cable television or satellite box that no one watches anyway, eliminating the pricey flick stations, or removing magazines, papers and also other premium subscriptions that you forgot you were spending your money on! (more…)

Business Structure Basics: Partnership

Anyone interested in starting a business is confronted with a variety of obstacles at the beginning of the business. Something that is not an obstacle however, instead a crucial decision, is choosing the wanted company framework for the business. Among the options that is preferred is the collaboration. This kind of partnership is relatively simple to set up and also comes with a number of advantages. Like all business forms, though, there are some drawbacks as well.

Collaborations AKA partnerships, on a standard level, are a kind of arrangement in between two or even more people to produce a single company. This structure provides a variety of benefits, besides those based in business law. For beginners, the companions may be able to pool their resources at the beginning of the business to give the attempt better chances of getting off the ground more effectively. Likewise, having more than one knowledge base is equally as useful. (more…)

The Federal Budget: Where do my taxes go?

As a small business owner, you understand that taxes are simply a part of life. The Federal Government through the IRS applies many rules and regulations that dictate what must be paid by whom. For many Americans, there is a great deal of confusion regarding what happens with the tax money we pay. Most of us realize that it is applied to the operation of our government as well as the programs and protections they provide. However, there are many misconceptions. Though knowing exactly where each penny is spent under current legislation is challenging, there are some general areas that our businesses contribute to. Have you ever thought where your tax money goes? The chances are good that you have. This is a brief look at some of the primary areas which our tax money funds. (more…)

What is a Sole Proprietorship?

Here in the US, the most commonly found types of businesses are the corporation, the LLC (Limited Liability Company), general partnership and the sole proprietorship.  Each one of these business structures has its own advantages as well as its disadvantages.  These can be in terms of how complex the business is, how easy it is to set up, the cost, the liability protection, the requirements of periodic reporting, the complexity of operation and taxes.  Additionally, some of these forms of business structures have sub-classes.  Choosing the right structure for your business requires that you have more than a working knowledge of these structures and what they entail.  With that in mind, let’s talk about the sole proprietorship. (more…)

Top 5 Best Practices for Building Strong Client Relationships

The success of a financial company, or any other organization, lies in how competently and extensively they handle their customer relationships. The core values of any enterprise should always include exceptional service as a driver. Hence, creating a robust partnership with every client will be a driver that can help you flourish. Building a strong customer relationship is one of the business strategies any successful business should and does adopt. (more…)

Ask and Receive: The Top 10 Questions to Ask Your Small Business Accountant

If you are considering to hire a professional accountant for your small business, you want one that is experienced, professional, and dedicated to serving your needs. It is important that they will be able to help streamline your finances, save you money, and reduce the chance that you will run into any issues with the IRS. The best accountants will do this by taking the time and giving the attention to understanding your business entirely. Even then, there are questions that you as a business owner should ask to make sure you understand your role and are clear about what exactly you will be getting for your investment in them. There are hundreds of questions you could ask; we’ve broken them down into ten that are of vital importance. Asking these questions of your small business accountant will be a big help in ensuring you are in good hands. (more…)

What Millennials Must Know to Plan for Their Financial Futures

As the baby boomers head into retirement and the Millennials begin to take over the workforce, chances are they have a bit more to think about regarding their financial future than did their predecessors. With a dire outlook on the viability of future social security benefits and an increasingly debt dependent society, it is no wonder that forward thinking young men and women are concerned. As a group entering the job market during a recession, many carrying the weight of massive student loan debt, looking towards retirement can be a bleak picture, but it does not have to be. By making wise decisions and implementing careful planning, Millennials can be on their way to a stable financial picture when their turns come for retirement. (more…)

Farmers and Fisherman to Receive 2015 Tax Penalty Relief

This year the IRS has announced that farmers and fisherman will be granted a relief from tax penalties due to filing past the March 2nd tax deadline. This is excellent news for those who have been waiting to receive corrected 1095-A forms from the Health Insurance Marketplace. Farmers and fisherman were given an extension and are now not required to file their taxes and pay any owed amount until April 15th, 2015. A number of individuals were sent notice that due to an error with the 1095-A forms, they would be receiving corrected ones. This extension and relief from late fees was decided so they would not be penalized and have ample time to prepare their taxes when the new forms arrive. (more…)