Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. 864(c)(8), Sec.

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LyfeAccounting

MARCH 5, 2021

Sole proprietor vs LLC vs S-Corp vs. C-Corp – which one should you choose? For example, you can register your business as an LLC with your state for legal purposes, but elect to be taxed as an S-Corp with the IRS for tax purposes. Meanwhile, for legal purposes, there is no such thing as an “S-Corp”.

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LyfeAccounting

OCTOBER 16, 2020

Pros: The pros here is that you can get started without filing forms which require annual fees. C-Corporation. The 3rd entity to choose from is the C-Corporation, which sounds so prestigious right? Pros: The major pro is that C Corporations are legal entities that shield stakeholders from personal liability and company debt.

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LyfeAccounting

FEBRUARY 9, 2021

What are the tax benefits of S-Corps? And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. Ready to talk S-Corps? 4 Tax Benefits of S-Corps. Tax Benefits #1: Employment Tax Savings.

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LyfeAccounting

DECEMBER 1, 2020

S-corps and C-corps are the two main types of corporations. For purposes of this post, I’ll be explaining the process of incorporating a C-Corporation. C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns.

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ThomsonReuters

FEBRUARY 6, 2024

This is a tax imposed on the salaries, wages, investments, or other forms of income that a person or household earns. C corporations, S corporations , sole proprietorships, LLCs, and partnerships). State income tax is a direct tax on business income that a C corporation, also known as a C corp, has earned in a state.

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LyfeAccounting

JUNE 11, 2021

When you form your business with your state, there is not an option for “S-Corporation”. You might be able to choose a partnership, LLC, or C-Corporation though. Why Elect an S-Corp Status? Entities like LLCs and C-Corporations have the option to elect to be treated as an S-Corporation for tax purposes. Contact us now!

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LyfeAccounting

FEBRUARY 19, 2021

C-Corporations. How a Single Member LLC is Formed. Generally, the operating agreement is not required to form an SMLLC, although it is RECOMMENDED. When a single member LLC is formed within a state, part of the approval process is business name registration, which protects any other business in the state from using that name.

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5 Minute Bookkeeping

APRIL 22, 2021

Tax form that’s being filed ( depends based on entity type and location). Type of business entity ( Sole Proprietor, Partnership, LLC, S-Corp, C-Corp, etc. ). Accrual or Cash accounting ( method used for their internal bookkeeping and method used for tax purposes ).

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LyfeAccounting

MAY 18, 2021

Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. Too often, we see new business owners operating from their personal accounts which creates a big mess at tax time. 7 Tax Mistakes Business Owners Make.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? And what tax benefits and strategies are available to a C corp that aren’t available to an S corp or LLC? How are C corporations taxed?

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LyfeAccounting

FEBRUARY 4, 2021

The PPP revisions allow these borrowers to complete a modified one-page forgiveness application form. The form is still in the process via the SBA. The SBA form 3508S is a simplified application form that for the most part requires the business owner to answer some questions. For loans of $150,000 or less.

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LyfeAccounting

OCTOBER 21, 2020

an accountant. Having separate bank accounts and credit cards are always a good idea, so you can properly categorize your business expenses. And by the way, if you don’t know what entity may be best for you, I recommend you check out this post on LLC vs S-Corp as well as how to start a business in 2020 where we cover pros and cons.

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ThomsonReuters

FEBRUARY 8, 2024

taxation at both the federal and individual level), and it is the biggest difference between an LLC and a C corporation (C corp). Meanwhile, unemployment taxes are paid by the LLC, which must file Form 940 by January 31 st of the tax year; payments are then made by the last day of each subsequent month during the quarter.

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MazumaBusinessAccounting

AUGUST 12, 2021

In this blog, we will review 5 different types of business entities along with their advantages and disadvantages so you can decide which works best for your business. Many small business owners form a sole proprietorship when they’re just starting out. You can file your business taxes with your personal taxes using a Schedule C form.

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ThomsonReuters

OCTOBER 6, 2021

Each state gets to decide what matters most — your payroll, property, or sales — and in what ratio to account for them. The only type of business that must pay state income tax the way an individual does is a traditional corporation, otherwise known as a C corporation or C corp. The formula differs from state to state.

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