Owning a business is the quintessential American Dream. Pulling up your bootstraps and making the dream a reality is one of the highest cultural goals […]
Tag Archives: Taxes
15
Nov
Nov
Is it possible to be a CPA and start a small practice without being the quintessential “tax guy”? (I’m not sure the term ‘tax gal’ […]
04
Oct
Oct
The annual roundup of financial documents is a ritual of hunting and gathering. Some people just love to gather documents and carefully assemble them into […]
27
Sep
Sep
If you’re relying on your bank statement to know if your company is profitable you will be sorely disappointed. Profitability has a strange relationship with […]
23
Jul
Jul
The very word, depreciation, causes a certain glaze to fall on the faces of business owners. The mention of the word can invoke beaches and […]
08
Mar
Mar
Your LLC is up and running. You’ve figured out the benefits to being taxed as an S-corporation and have placed yourself on the payroll. Not to be unreasonable, you took steps to make sure your salary would be acceptable to the IRS should they choose to review it. Now that your company is profitable, how do you get that profit into your pocket without creating tax headaches?Here are four facts you need to know about distributions from an S-corporation. 1. &nb […]
02
Feb
Feb
Learning about taxes your business needs to pay is exhausting. From the employer’s portion of FICA, federal unemployment, state unemployment, sales tax as well as the other requirements parallel to taxes like annual filing fees, licenses and workman’s compensation, owners’ eyes glaze over as they weigh the complexities and time requirements of tax compliance.When you look at these taxes in the aggregate, they act like opportunistic mosquitos slowly pricking […]
02
Jan
Jan
Congratulations! Your company is established and thriving. After the long years of studying, working and building your business, in addition to your salary, your business is now providing distributions and income as a fruit of your investment. Because you have set a reasonable compensation plan as well, your business is creating ROI on your labor, meaning the owner (you) is profiting on the employees’ labor.Chances are good, now you will need to pay quarterly esti […]
19
Nov
Nov
Every profession has them. Names, words, jargon or acronyms that only people in the profession use. The words are designed for insiders to communicate with insiders. The mere mention of the words keeps outsiders at bay.Tax accounting has more than a few. Amortization, bonus deprecation, MACRS, any phrase containing the word “section” and of course, the word “basis”. The insider jargon makes accounting all but impossible to unders […]
15
Oct
Oct
With the tax cuts passed in December of 2017 and most of them taking place in tax year 2018, many professional practices are asking if they received a cut. While the cuts were broad and impacted most industries, there are some who will see no business tax cut. The Tax Cuts and Jobs Act (TCJA) gave the individual taxpayer a reduction in rates, reduced the number of brackets, almost doubled the standard deduction and made all sorts of problems for individuals in high tax states, b […]