Tax Credit for Setting Up a 401k for an S-Corp

Posted by on Jan 14, 2024 in S-Corp, Small Business Tax |

For the S-Corp business owner it is smart idea to consider setting up a retirement plan such as a 401k. If you want to attract the best employees you need to offer a competitive compensation package. This not only includes a salary but a benefits package as well. It’s great when the IRS allows an S-Corp small businesses to offer their employees a benefit and still receive a tax deduction. The credit for small employer pension plan...

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S-Corp BOI Report Filing

Posted by on Jan 7, 2024 in S-Corp, Small Business Tax |

Are you an S-Corp shareholder? Are you looking to start a new S-Corp or perhaps purchase one? If you answered yes to any of those questions take a few minutes to read this article to find out how the new Beneficial Ownership Information requirements will impact you. Big brother has always been watching but now he wants to zoom in a little bit closer. The U.S. government has made national security a priority and this includes fighting money...

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How to Convert an Independent Contractor to Employee

Posted by on Dec 24, 2023 in Small Business Tax |

Converting an independent contractor to an employee involves several steps, and when doing so it’s important to comply with relevant labor laws and regulations. This is a general guide so keep in mind that rules may vary depending on your location and industry. It’s always advisable to consult with legal and HR professionals to ensure compliance. Independent Contractor vs. Employee – What’s the Difference? People often...

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How to Start an S Corp in New York

Posted by on Dec 17, 2023 in S-Corp, Small Business Tax |

There are many advantages to starting an S Corp in New York with the main one being tax benefits. However, with that comes forms and requirements that you must meet to set your business up as an S Corp and to stay compliant. S Corp vs. Other Business Structures There are several considerations when choosing a business structure but most owners select the entity that will allow them to pay the least amount of federal or state income tax. A sole...

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Stipends for Small Business Owners and Employees

Posted by on Dec 10, 2023 in Small Business Tax |

How do you pay a stipend? In what ways will affect our taxes or the person receiving it? We will go over this and more so you will have a clear understanding of how stipends work. How Stipends Work Stipends are typically fixed amounts given to cover financial expenses. They are often paid before the expenses are incurred. Stipends are common among students or interns who are in training and do not receive a salary. They can also be given to...

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Moving Your S-Corp to Another State

Posted by on Nov 17, 2023 in S-Corp |

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...

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