CPA Practice

DECEMBER 19, 2023

A delay allows business owners to specify a future effective date on their registration forms, granting them control over when their company officially becomes a legal entity. In a delayed filing, the business controls when the company officially becomes a legal entity. Let’s look at both options.

Rhode Island 116

Rhode Island West Virginia South Dakota North Dakota 116

Basis 365

APRIL 28, 2022

Choosing your entity type really crosses two disciplines, legal and tax. The legal side of your entity type relates to your legal protection or future equity expectations for the business. Partnership A partnership retains the simple setup process but also comes with expanded accounting and tax reporting requirements.

income tax 52

income tax tax return tax planning Legal 52

xendoo

AUGUST 2, 2023

Why your business structure matters Choosing the right business entity is crucial for several reasons, including: Liability protection: Some business types provide legal protection for your personal assets, while others don’t. Taxes Taxed as a pass-through entity. Subject to self-employment taxes.

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

AUGUST 2, 2023

Why your business structure matters Choosing the right business entity is crucial for several reasons, including: Liability protection: Some business types provide legal protection for your personal assets, while others don’t. Taxes Taxed as a pass-through entity. Subject to self-employment taxes.

Tax 52

Tax income tax Non-Profits tax return 52

MyIRSRelief

MARCH 15, 2023

The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

tax accountant 130

tax accountant Tax bookkeeping Account 130

LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. Does that make sense?

Tax 52

Tax payroll payroll tax Real Estate 52

MyIRSRelief

APRIL 15, 2021

R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

Tax 100

Tax payroll tax tax return Start-ups 100

xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. Preparing Your Personal Tax Returns.

tax consultant 103

tax consultant Tax tax return business tax 103

LyfeAccounting

MARCH 5, 2021

We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free. Legal vs Tax Entity. When it comes to entity selection, there are “LEGAL” entity types and “TAX” entity types. A legal entity is an entity that you register with your state.

Tax 52

Tax Legal tax return Non-Profits 52

ThomsonReuters

FEBRUARY 8, 2024

Now, if an LLC has employees in addition to its members, or owners, the LLC must collect and pay payroll taxes, which include unemployment, Medicare, and Social Security taxes — also known as FICA taxes (i.e., Federal Insurance Contributions Act), or “self-employment” tax. It’s also surprisingly affordable.

Tax 52

Tax income tax payroll tax Healthcare 52

LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. These Forms tell the IRS how you have withheld and paid in payroll taxes.

business tax 52

business tax Tax tax return payroll tax 52

LyfeAccounting

DECEMBER 28, 2020

And what I am going to tell you today is actually LEGAL. So legal that it’s actually right on the IRS and State Government’s websites, most people just have NO Clue about it! It is not meant to take the place of legal and accounting advice specific to your business. First, we discussed how the rich save on taxes.

business tax 52

business tax Tax tax return Government 52