If you’re at a point of deciding what kind of business structure to form for your new enterprise, it’s important to know your options. LLCs and S corps have a lot in common, and also a lot of differences. The tax differences between these two are especially important to understand. Any entrepreneur can appreciate the benefits […]
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It’s your business and livelihood. You’ve worked hard to build, nurture, and establish them both; and the benefits of an S Corporation may be the best way to protect it all. An S Corporation or S Corp is similar to a type of corporation — offering investment opportunities, the ever-so-important protection of limited liability, and […]
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Although most people understand the vast benefits of limited liability companies (LLCs), significantly less are aware of the disadvantages of forming an LLC. And while the benefits may outweigh the costs, it’s only fair to look at both sides of the coin and explore the disadvantages of forming an LLC. to learn more […]
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Running a business can be difficult due, especially when you consider complex tax rules and the possibility of opening yourself up to liability lawsuits. Anyone who has ever run a business would agree. If you’re thinking of starting a new business – or if you’ve been making money and need to create a business for […]
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If you’re setting up a business in Long Island or anywhere in the surrounding area, you’ll have several options regarding to how you structure it — especially if you’re just one individual. The default option for many Americans is the a sole proprietorship (SP), which is a good choice over working as yourself as an […]
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As the owner of a business, you may be eligible for the best tax deductions for S Corps. The S corporation is a unique creature of federal tax law wherein you initially form an LLC or corporation and then elect taxation of an S Corp. While your legal entity will remain an LLC or corporation, […]
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It’s extremely hard to fathom tax season is almost here, and the hottest tax topics for 2017 are now in the conversation. Whether you operate a small business or you’re an individual, it’s always important to take advantage of the tax benefits available to you. It’s even more important for you to accurately pay Uncle […]
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Although no one likes taxes, a partnership tax return checklist can help simplify and expedite your tax returns. The IRS defines a partnership as a “relationship existing between two or more persons who join to carry on a trade or business.” People often join partnerships, instead of venture out alone because it allows for greater resources, […]
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While some tax planning strategies for small businesses may be aimed at the small business itself, others can be aimed at the owner’s individual tax situation. Regardless of how complex or simple the strategy is, tax planning for small businesses should revolve around: Minimizing the amount of taxable income Managing when the taxes must be […]
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Although everyone’s tax situation is different, most people are interested in how to make taxes easier next year. With a few powerful tips, you can be more efficient and less frustrated when it comes to filing your taxes. Whether you’re an individual tax filer, a contractor, or small business owner, use the following simple tax tips […]
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