If you own an S corporation, taking no salary whatsoever can be a smart move or the cause of BIG problems with the IRS. As is so often the case with the IRS, “it all depends.” Do you want to learn the ins and outs of paying zero salary to an S corporation owner? Want to find out what you can do to legally avoid payroll taxes? Don’t miss my new article titled Tax Tips: S … [Read more...]
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Take advantage of the IRS’s new cell phone benefit
Surprise! The IRS has some GOOD news for you. If you’ve set up your business as a C or S corporation, the IRS gives you a cell phone fringe benefit that’s not available to sole-proprietorships or single-member LLCs. Want to find out more? Easy. All you have to do is read my brand new article titled Tax Tips: Corporations Beat Proprietorships in Tax Deductions for Cell … [Read more...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]
Advantages of a Single-Member LLC
Should you operate your business as a corporation, proprietorship, or single-member LLC? In my new article, the second in a series, I’ll explain the advantages and disadvantages of the single-member LLC. This form of business organization provides corporate-level liability protection for the business owner plus taxation as a sole proprietorship. Want to find out more? Check … [Read more...]
How to avoid payroll taxes and penalties
Did you goof and incorrectly classify an employee as an independent contractor? No need to panic. I can show you a perfectly legal way to avoid payroll taxes, penalties, and interest if you’ve incorrectly classified workers as 1099 independent contractors rather than W-2 employees. Want to find out more? I invite you to read my new article titled Tax Tips: New IRS … [Read more...]