S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, in an S corporation distribution election, you can deduct your percentage … Continue reading “The Importance of S Corporation Basis and Distribution Elections”
Month: November 2020
Putting The Finishing Touches On Next Year’s Budget
By now, some businesses have completed their 2021 spending plan while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s budgeting plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of … Continue reading “Putting The Finishing Touches On Next Year’s Budget”
Health Savings Account For Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored small business Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work … Continue reading “Health Savings Account For Your Small Business”
Hit The Target With Your Email Marketing
Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing efforts. One such effort that can benefit most any type of business is email marketing. Although … Continue reading “Hit The Target With Your Email Marketing”
Do You Want To Withdraw Cash From Your Closely Held Corporation At A Low Tax Cost?
.Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient. Dividends are still taxable to you to the extent of your corporation’s “earnings and profits”. Plus, this specific … Continue reading “Do You Want To Withdraw Cash From Your Closely Held Corporation At A Low Tax Cost?”
Should You Go Phishing With Your Employees?
Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. You’re also probably aware of the specific danger of “phishing.” Phishing is when a fraudster sends a … Continue reading “Should You Go Phishing With Your Employees?”
Tax Responsibilities If Your Business Is Closing Amid The Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. Is your business permanently closing due to this unfortunate situation? We’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a for businesses shutting down, they must file a final … Continue reading “Tax Responsibilities If Your Business Is Closing Amid The Pandemic”
Now More Than Ever, Carefully Track Payroll Records
The subject of tracking payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off and furloughed. In some cases, businesses have been rehiring employees or hiring independent contractors. There has also been crisis relief … Continue reading “Now More Than Ever, Carefully Track Payroll Records”