Why are Tax Issues So Important in Divorce? Divorce or separation can be stressful and can turn someone’s world upside down. However, when it happens divorce settlements often result and marital assets don’t always get distributed the way you expect. We explore situations in which divorce affects income taxes and your tax liability including property transfers and noncash property settlements. Do You Have to Pay Tax on Alimony? Alimony is...

People move for better weather, economic opportunities, to be closer to extended family and even for tax incentives. If you own an S-Corporation, we will discuss how moving the business to another state can affect you. You have several options to consider when moving an S-Corporation to another state including: Setting up a new S-Corp in the new state and then merge the old S-Corp into the new one Keeping the current S-Corp and registering...

Your S-Corp Request and Acceptance Letter An S-Corp has its advantages and disadvantages and these must be considered before you choose this tax status. It’s not automatic. Before you choose to go down this path you should know that in order to qualify as an S-Corp you first must meet the following requirements: Have no more than 100 shareholders Individuals who are shareholders must generally be U.S. citizens or U.S. residents (trusts and...

So you’ve set up your S-corp and now are at the point where you need to take money out. What’s the best way to do it? Will I have to pay tax on the money? These are all common questions for new S-Corp owners. We will go over the different payments and discuss the impact they can have on your taxes. Distributions S-Corporations are pass-through entities. This means that the income that the business makes will be passed on to the owners who then...

All big businesses were once small businesses. Many were small mom and pop shops or one-person operations. You may be in a situation now where sales has improved and you are thinking about hiring your LLC’s first employee. Congratulations! That’s a great accomplishment but, now that you will wear the hat of an employer, there will be new responsibilities to be aware of. A good starting point when determining if, or when, to make your first hire...