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...

Form 1099 is just one of several statements that are issued to report activity for the prior year. When are they due? Do I have to provide them to certain people? Does an S-Corp get a 1099? We’ll discuss these topics and more. If you are thinking about starting an S-Corp, or have business relationships with S-Corps, it is important that you understand the rules and potential reporting obligations.   Who Should Get a 1099 A “1099” is a...

If you own a gas a station you likely already have plenty of responsibilities. Bookkeeping is probably not at the top of your list but it should be. Your bookkeeping is the compass of your gas station business. It guides you and helps you make better business decisions. Are certain types of gas selling better on certain days? Are promotions effective? Is your profit margin increasing or decreasing? These are questions that you can only answer...

If you’re thinking about starting your own law firm…congratulations! Hanging your own shingle is pretty exciting.  A well-known Chinese proverb revealed that a journey of a thousand miles begins with a single step. Starting your own law firm is no different. You have to start somewhere but you have to start out on the right foot if you want to be successful. A recent Bloomberg survey showed that 3 out of 4 attorneys are dissatisfied with...