S Corporation Salary Considerations – Paying Yourself

S Corporation Reasonable Compensation - Shareholder Salary Guide

As an S Corporation shareholder, you are considered both a shareholder and an employee. This creates a few nuances that are unique to S Corporations. This is especially true when it comes to S Corporation salaries. Paying yourself can be very simple if you know what you’re doing. It’s important to make sure you have […]

How to Track Mileage for Your Business

Learning how to track mileage for your business can be a large feat. Knowing where to start is the first step, and that requires asking yourself a few questions.   1. Did you use a car for business reasons?   If your answer is yes, then let’s keep going. If your answer is no, then […]

When does my business start paying taxes?

When does my business start paying taxes?

The Short Answer   “When does my business start paying taxes?” is a question I hear a lot. But the short answer is that your business probably won’t start paying federal income tax anytime soon.  Wait, what!?! Well, there’s a reason for this, and it’s because most businesses are considered pass-through, or flow-through, entities.   […]

Self-Employed Beginner’s Tax Guide

Self Employed Beginner's Tax Guide

Deciding to go it alone and become self-employed can be a rewarding experience, but it can also be very overwhelming, especially when dealing with taxes. “Where do I start?” is usually the first question people ask on their self-employed journey. That’s where we’re going to begin with this Self-Employed Beginner’s Tax Guide.   Employee vs. […]

Tax Write Offs – Should I buy something at year-end?

Should you buy something at year end to get a tax write off?

The question of buying something just to get a tax write off seems to come up quite often. It’s a valid question. Should I spend money now to get a tax write off, or should I wait? Unfortunately, the answer definitely depends on several different factors. So, you need to ask yourself several questions in […]

Should I form an S Corp?

Should I form an S Corp?

Forming an S Corp has become an extremely hot topic in today’s financial world. In a lot of ways, forming an S Corp can be a great business decision, but there can be some disadvantages that need to be considered.   What is an S Corp?   When I talk about forming an S Corp, […]

Types of Payroll Taxes

Type of Payroll Taxes

Are you struggling with handling the different types of payroll taxes? Do you want more information so you can breathe easier? Well, hiring your first employee means you become responsible for many different types of payroll taxes. (Payroll taxes can also be known as employer taxes or employment taxes.) Meeting all of these requirements can […]

What tax return does an LLC file?

What tax return does an LLC file?

The tax return that an LLC has to file all depends on the LLC in question. Some LLCs are set up differently, and that organization structure dictates how the federal government expects you to file your tax return.   Single-Member LLC   If you are a single-member LLC, then your LLC will have only one […]

Becoming an Employer – 11 Tips for Compliance

Becoming an employer is something that happens at the best of times. Your business is growing and you need help, plain and simple. It’s a great feeling, but becoming an employer can also be very daunting with the added requirements and greater tax burden. Maybe you’ve already hired employees, and you just want to make […]

Single-Member LLC Tax Considerations

Single Member LLC Taxes

Dealing with taxes as a single-member LLC is very different than that of a multi-member LLC. Single-member LLC taxes are paid as if the business is a sole proprietorship, and thus, the business is a disregarded entity for tax purposes. All that really means is that your business return is filed on Schedule C of […]