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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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. Gross Earnings.

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ThomsonReuters

JANUARY 24, 2023

stated that more than 90 percent of S&P 500 companies now publish ESG reports in some form, as do approximately 70 percent of Russell 1000 companies. While ESG reporting can help strengthen trust with stakeholders and the reputation of corporations , this can only be done when the ESG information is of high quality and reliable.

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LyfeAccounting

OCTOBER 16, 2020

Well, here’s the thing, how to start a business in 2020, is easier than it’s ever been before. Pros: The pros here is that you can get started without filing forms which require annual fees. Well let’s look at the pros and cons. Now this is an oversimplification of how C-Corps work. It’s risky.”.

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LyfeAccounting

JUNE 11, 2021

How to pay yourself in an S-Corporation? Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway.

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LyfeAccounting

DECEMBER 1, 2020

S-corps and C-corps are the two main types of corporations. 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. Someone there will be able to help you complete the form. How to Convert LLC to a Corporation?

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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). Jim owns a home that’s valued at $400,000, and the town charges a $30 tax on every $1,000 of the home’s tax-assessed value.

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5 Minute Bookkeeping

APRIL 22, 2021

Well, there are a lot of things happening during a QBO cleanup, so it’s really important to stay organized. 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. ). Period(s) that you’re cleaning up.

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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. It’s never fun. March 15th.

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ThomsonReuters

JUNE 15, 2021

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. To avoid financial reporting woes, accounting teams said the SPAC-IPO marketplace should be mindful of the following: #1.

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LyfeAccounting

JUNE 9, 2021

In Arizona, it’s $50, Nevada $75, Georgia $100, New Jersey $125, and in Alabama, it’s $200. So we’ve gone over the required costs in forming your LLC but there are some optional costs to consider. Lawyer’s fee. Like applying for your EIN, setting up your bank account, or even being your registered agent.

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LyfeAccounting

FEBRUARY 19, 2021

S-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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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Let’s dive in! Army Corps of Engineers employees pulled off the largest bribery and bid-rigging scheme in the history of federal contracting, according to a US attorney. Illegal Activities. In 2011, two U.S.

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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

Alright, let’s get started by defining what a tax deduction is. Also, it’s important to separate your expenses by cost of goods, capital expenses and especially personal expenses. Let’s go ahead and look at some categories that are 100% tax deductible (meaning they deduct from your revenue, dollar for dollar).

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LyfeAccounting

NOVEMBER 17, 2020

?. Who knew that Uncle Sam came in so many forms? To start, I didn’t know what forms I needed to fill-out. It is not meant to take the place of legal and accounting advice specific to your business. To learn more about that, read this post on “ LLC vs S-Corp ”. With that said, let’s talk about taxes. 3 Tax Plan.

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ThomsonReuters

JANUARY 9, 2024

When are C corp taxes due? How do C corps file taxes? Setting up your business as a C corporation (C corp) has many benefits, including greater ownership flexibility and more growth potential than an S corporation (S corp) or a Limited Liability Company (LLC). Jump to: How are C corporations taxed?

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Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content. To-date it’s the most well-illustrated and to-the-point summary I’ve seen on the topic. S-CORPORATIONS.

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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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LyfeAccounting

OCTOBER 12, 2020

And that is: Should I be an S-Corp or an LLC? I just saved one of my clients over $95,000 in tax expenses from making a simple entity change from an LLC to an S-Corp. So today, I am going to put an end to this and help you choose between an LLC or S-Corporation for your business. Ok, let’s dive in!

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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

MAY 12, 2021

Wondering If Your Business Should Be An LLC Or C-Corp? LLC vs C-Corp – do you know the difference between the two? Keep reading because this post will take a deep dive into LLC vs C-Corp, and also discuss which might be best for your business. So let’s dive in. Key Differences Between LLC Vs C-Corp.

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LyfeAccounting

NOVEMBER 4, 2020

So today I’m going to break down the forms and filings you need to have in place in order to avoid IRS penalties and keep your business compliant. Also, please keep in mind that every business is different so it’s important that you consult your CPA for specific advice regarding your situation. Let’s get started!

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LyfeAccounting

NOVEMBER 3, 2020

Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. If you want specific accounting advice, then please contact your attorney or CPA. In this post, I’m going to give you BIGGEST tax write-offs for small businesses.

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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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income tax Tax payroll Massachusetts 52

LyfeAccounting

OCTOBER 27, 2020

?. Hey guys, today we’re talking about the estimated tax penalty because it’s a sneaky tax and most people don’t even realize what it is. Now some people see this every year on their tax return and think it’s just another required payment to the IRS. Ok now let’s define what is an estimated tax penalty?

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