Pros and Cons of Limited Liability Company (LLC) Partnership

Posted by on Nov 18, 2021 in Small Business Tax | 0 comments

When starting a business the entity structure can be a source of confusion. However it’s not a decision to take lightly because the business structure can have an impact on not only your liability risk but also your taxes. If you have more than one owner you have choices. What is a Partnership? On a basic level a partnership is a business with at least two owners. A partnership is a pass-through entity which simply means that the profits and...

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How to Plan Your Income When Business is Unpredictable

Posted by on Oct 20, 2021 in Small Business Tax | 0 comments

There are many advantages to being self employed. In fact, for most, the advantages far outweigh the disadvantages. However, if you asked someone who is self employed what’s one thing they don’t like about calling the shots is that income is unpredictable. Unlike a job where a check is waiting for you every couple of weeks when you’re self employed it’s usually the exact opposite. You could be feasting one week and starving the next. Budgeting...

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How to Revoke or Shut Down an S-Corp

Posted by on Oct 16, 2021 in S-Corp, Small Business Tax | 0 comments

The S-Corp has been a popular entity choice for small business owners. However, there are instances where S-Corp shareholders may want to end their tax status. The S-Corp structure has several benefits including potential tax savings. It also comes with several rules which, if not followed, could lead to penalties, automatic revocation of the S-Corp status or both.  S-Corp Requirements Must be a U.S. corporation Must have no more than 100...

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How To Deduct Shareholder Health Insurance for an S-Corp

Posted by on Oct 11, 2021 in S-Corp, Small Business Tax | 0 comments

Your health is your wealth so it’s no is surprise that most employers want to offer health insurance to their employees. However, for many S-Corp business owners the cost of insurance is too expensive to offer such a benefit. Health Insurance Important to Employees For some workers health insurance is nice to have but for others, particularly those who have to deal with chronic medical conditions, it’s literally a matter of life or death. A...

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How Can I Get a Copy of My EIN Verification Letter

Posted by on Oct 9, 2021 in Small Business Tax | 0 comments

An employer identification number (EIN) is important to a business and is required if the business wants to pay employees, open a business bank account or provide proof of their EIN to a vendor. While there is no cost to obtain an EIN it’s still important to have.  To obtain an EIN you must first complete Form SS-4. This form is available online. Once that form is filed the IRS will send a letter confirming the EIN also known as Form...

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