If you do business in CT you may want to set up an S-Corp for tax benefits. However, you must understand the requirements that come along with it. Most CT business owners will find that the best reason to start an S-Corp is for tax savings, specifically self-employment tax (Social Security and Medicare), which has a rate of 15.3%. A CT S-Corp business owner pays Social Security and Medicare on their S-Corp salary which may be significantly less...

Prior to December 22, 2022 New Jersey required a separate election to set up you S-Corp with the State. The rules have changed since then. Now New Jersey only requires that a business show that they have S-Corp status at the federal level and be registered as a corporation with the NJ Division of Revenue and Enterprise Services (DORES). Your S-Corp acceptance letter is an important document that should be kept in the permanent file of the...

According to the IRS, Form 1099-K is used to report payments for the year from credit cards, debit cards and payment apps. Form 1099-K is created for sales on marketplaces such as eBay. Generally, the IRS requires these forms to be sent out by January 31 of the following year. For example, eBay can be expected to provide Form 1099-K for 2024 to sellers by January 31, 2025. They will also send the 1099-K to the IRS. You have to meet a threshold...

Are you small business owner in White Plains, NY? Are you looking for premium, professional bookkeeping that you can rely on? Well look no further. Clean books are important to running a business smoothly. You can’t drive a car with a dirty windshield. The same is true for operating a business without bookkeeping. A good bookkeeper can help you see trends and irregular activity long before your tax return is filed. When your bookkeeping is up...

As a small business owner you have several retirement plan options to consider, each with its own benefits and requirements. The tax savings associated with a S-Corp make it a popular choice among entrepreneurs and the self-employed. A recent study showed that 20 percent of Americans over 50 have no retirement savings at all. It’s a tough situation to be in. However, as a S-Corp owner you have more control as to what types of retirement plans...

One of the states that exempt S Corp businesses from paying corporate income tax at the state level is North Carolina. In other words, S corporations are not subject to income tax in North Carolina. The shareholders, who disclose the information on their individual tax returns, receive the corporation’s income, deductions, and credits instead. Who is required to submit a corporate tax return for North Carolina? While conventional corporations...