Business and Individual Tax Planning Filing taxes is something that almost all of us have to do. However, with proper tax planning you don’t have to pay more than you are legally obligated to. The problem is many people get back a smaller refund than they are entitled, or worse, they end up paying more than necessary. In today’s day and age it is easy to do your own taxes. There are so many over-the-counter tax programs available but just...

Many taxpayers are confused about taxes and that’s understandable. With all the different credits, restrictions and changing laws taxes can be difficult to understand particularly as an S-Corp owner. Few know the advantages and disadvantages of using an S-Corp. What is an S-Corp? An S-Corporation is not a legal entity but an entity for tax purposes. A corporation, or an LLC, can elect to be treated as an S-Corp. This election is done by filing...

Have you wondered whether leasing or buying a truck makes better sense? There are several factors in any lease and additional considerations for an S-Corp. Table of Contents Leasing BasicsCalculating CostsTruck Lease OptionsTax Issues For S-Corp Truck LeasingPros and Cons of Truck LeasingHelpful Lease Resources If you are a shareholder in an S-corp you should be aware of the pros and cons of truck leasing. It is also critical that you ask the...

NOTE: This is for informational purposes only. Tax situations vary. If you need further assistance contact your tax professional or give us a call. We have written several articles on the benefits of an S-corp. Perhaps the most appealing is that an S-corp could potentially save its shareholders thousands of dollars in taxes ever year. An S-corp is not a legal entity. You cannot go to your local town clerk or Secretary of State and set up your...

Not All CPAs Do Taxes This might come as a complete shock to many new business owners but not all CPAs do tax work. Someone can pass the CPA exam and acquire the necessary work experience to be licensed by doing consulting or auditing. Some CPAs have never filed a single tax return. Enrolled Agents on the other hand are accountants who just do tax work and are licensed by the IRS to represent clients on all issues. Therefore, if you hire a tax...

Most people think that doing taxes is just typing in numbers into a computer. I guess that’s like saying practicing law is just talking. Between the public perception of what is involved and the availability of technology it probably shouldn’t come as a surprise that more people are preparing their own tax returns than ever before.  The question of should I file my own taxes or hire someone eventually comes up though. If someone just...