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How can I avoid self-employment taxes? This simple question was the inspiration for creating an article describing the benefits of an S Corporation. That original article, which was about four pages long, quickly became a series of KnowledgeBase articles on the Watson CPA Group website. The articles touched on basic topics such as how to elect S Corp status, payroll, reasonable salary determination, retirement planning, health care, fringe benefits and liability protection. Those broad topics demanded much more information, both horizontally by spanning into more related issues, and vertically by digging deeper into the granular yet riveting levels of the tax code. The articles were grouped and relabeled as the Taxpayer’s Comprehensive Guide to LLCs and S Corps which grew to 39 pages in its first edition. Time marched on, and more information was added to the first edition such as expanded retirement planning concerns, health care options after the Affordable Care Act and business valuations including exit strategies. Boom, we now had our second edition at over 100 pages. At that point it was suggested by some clients and colleagues to convert the PDF into an eBook as well as paperback. So here we are.. Each week we receive several phone calls and emails from small business owners across the country who have read our Taxpayer’s Comprehensive Guide to LLCs and S Corps and praised the wealth of information. Regardless of your current situation, whether you are considering starting your own business or entertaining a contracting gig, or you are an experienced business owner, the contents of this book are for you. This book will show you how to reduce your self-employment taxes through an S Corporation election and how to use your corporation to your retirement and fringe benefit advantage. You will also learn the operational considerations of an S Corp plus the 185 reasons you should NOT elect S Corp status. Want to buy or sell a business? That’s in here too. This book is written with the general taxpayer in mind. Too many resources simply regurgitate complex tax code without explanation. While in some cases tax code and court opinions are duplicated verbatim because of the precise words, this book strives to explain many technical concepts in layperson terms with some added humor and opinions. We believe you will find this book educational as well as amusing.
This is our eighth edition (2020 Edition).How can I avoid self-employment taxes? This simple question was the inspiration for creating an article describing the benefits of an S Corporation. That original article, which was about four pages long, quickly became a series of KnowledgeBase articles on WCG (formerly Watson CPA Group) website. The articles touched on basic topics such as how to elect S Corp status, shareholder payroll, reasonable salary determination and liability protection. Those broad topics demanded much more information, both horizontally by spanning into more related issues, and vertically by digging deeper into the granular yet riveting levels of the tax code. Beyond general S Corp benefits, our 2020 edition of this book will show you-1. Entity Structures, and Custom Multi-Entity Arrangements2. The Fallacy of Nevada Corps3. State Taxes, Nexus, FBA Problems, and Liability 4. S Corp Benefits, Tax Savings 5. Avoiding Self-Employment Taxes6. The 185 Reasons an S Corp or LLC Might Stink7. Forming and Operating an S Corp8. Late S Corp Election9. Determining Reasonable S Corp Shareholder Salary10. Section 199A Business Tax Deduction11. Tax Deductions, Fringe Benefits, Kids on Payroll and Cars12. Properly Paying for Health Insurance13. Small Business Retirement Planning with Your S CorpEach week we receive several phone calls and emails from small business owners and other CPAs across the country who have read our Taxpayer's Comprehensive Guide to LLCs and S Corps and praised the wealth of information. Regardless of your current situation, whether you are considering starting your own business or entertaining a contracting gig, or you are an experienced business owner, the contents of this book are for you.This book is written with the general taxpayer in mind. Too many resources simply regurgitate complex tax code without explanation. While in some cases tax code and court opinions are duplicated verbatim because of precision of the words, this book strives to explain many technical concepts in layperson terms with some added humor and opinions.We believe you will find this book educational as well as amusing.
Navigate the intricate world of business structures with our comprehensive guide on LLCs and S-Corps. Discover the advantages and disadvantages of each, uncover tax implications, master compliance, and strategize for growth. From formation to funding and success stories, equip yourself with the knowledge to make informed decisions for your entrepreneurial journey.
If you're a business owner wanting to learn more about taxes without going through boring textbooks, then keep reading... Benjamin Franklin once said that "in life, only two things are certain: death and taxes." He wasn't exaggerating about the latter. And because you must deal with taxes for as long as you live and earn money, you must get it right every time. Unlike any other infractions or violations, tax-related offenses have major repercussions. At a minimum, you will pay fines and expenses. But if your tax violations are serious, you may end up in jail. Think about this: the infamous mafia gangster boss Al Capone was indicted and sent to prison not because of his violent crimes, but because of tax violations. Hence, you must take your taxes very seriously. So, what does it take to manage your taxes successfully and avoid the massive inconveniences associated with being flagged by the Internal Revenue Service for tax violations? There are so many answers to this question, but they can be summed up in one term: tax accounting. And that is what this book is all about. Written with non-accountant entrepreneurs in mind, this book can help you learn important tax accounting principles for ensuring optimal tax management in your business. These include: What tax accounting is. Important tax accounting guidelines. The difference between accounting and bookkeeping. How to claim tax deductions legally. How to choose the right business entity. How to manage payroll tax. Discover if you need an S corporation or a C corporation. And much, much more! By the time you're finished with this book, you'll be armed with sufficient knowledge to ensure proper management of your businesses' income taxes. And while you can never avoid taxes, what you'll learn here can make you and the IRS the best of friends. So, grab your copy of this book now and start your journey towards optimal tax management for your small business.
Embark on a journey to master the art of navigating the complex world of LLCs and S-Corps with our groundbreaking book. This comprehensive guide is your indispensable companion, whether you're a budding entrepreneur or a seasoned business owner looking to refine your expertise. Dive deep into the essentials of business structuring, from the initial formation of your entity to advanced tax planning strategies designed to safeguard your profits and maximize your savings. With meticulous attention to detail, this book demystifies the legalities of operating agreements, unveils the secrets to effective employee management and payroll, and provides a step-by-step guide to dissolving your business with integrity and financial wisdom. But this book is more than just a manual; it's a treasure trove of real-world case studies that bring to light the triumphs and tribulations of businesses like yours. Learn from the successes that propelled companies to the pinnacle of their industries, and heed the cautionary tales of pitfalls that could have been avoided. Each story is a lesson, each chapter a stepping stone to your success. As the business landscape evolves, so too must your strategies. "Future Trends in Business Structuring" offers a forward-looking perspective on emerging trends, from technological innovations to legislative changes, preparing you to not only adapt but thrive in the dynamic market of tomorrow. But why stop at preparation? This book arms you with actionable strategies, providing you with the tools to navigate state-specific regulations, leverage technology for business growth, and embrace social responsibility in your business practices. It's not just about surviving the complexities of business ownership; it's about thriving, innovating, and leading in your field. Whether you're navigating the initial choppy waters of forming your business or steering through the advanced strategies of tax planning and international expansion, this book is your compass. With its blend of analytical depth, practical advice, and strategic insights, it's designed to guide you through every phase of your business journey. Don't let the intricacies of LLCs and S-Corps daunt you. Arm yourself with knowledge, strategy, and foresight. Make "Mastering LLCs and S-Corps: A Comprehensive Guide" your secret weapon in the business arena and unlock the door to unprecedented success. Your journey to mastering the art of business structuring begins here.
Your Amazing Itty Bitty(R) S-Corp Book15 Simple Steps to Understanding Everything About S-CorpsDid you know that you are being unfairly overtaxed and over-audited by IRS? As a wage earner you have few options when it comes to financial planning. The information in this Itty Bitty(R) Book will allow you to grow your business and personal wealth safely and consistently.Joe DiChiara, CPA will provide you with the information to learn: -The real dangers of being taxed as a sole proprietor.-The enormous benefits of owning an S-Corp.-What happens after you become an S-Corp.If you are interested in learning more about how to safely run your business and make, and hold on to, more money pickup a copy of this enlightening Itty Bitty(R) book today!
Are you starting a small business and feeling overwhelmed by legal structures? Do you wonder how to safeguard your personal assets while maximizing tax advantages? This collection offers a deep dive into the world of LLCs and S-Corporations, providing a detailed roadmap for starting, managing, and growing your business effectively while maximizing tax benefits. Book 1: Fundamentals of LLCs and S-Corporations Discover the foundational principles of LLCs and S-Corporations, including their structure, advantages, and legal requirements. Explore the historical evolution of these entities and understand their current trends and future outlook. Learn to differentiate between LLCs and S-Corporations, understanding their liability protection, tax treatments, ownership rules, and management structures. Book 2: The Complete Guide to LLCs Follow a step-by-step guide to forming an LLC, from evaluating suitability to creating an operating agreement. Gain insights into effective LLC management, including operational strategies, compliance requirements, and financial management best practices. Uncover the nuances of LLC taxation, including pass-through taxation alternatives, tax filing requirements, and strategies for optimizing your tax position. Book 3: The Essential Handbook for S-Corporations Understand the process of establishing an S-Corporation, including key legal requirements and governance framework. Learn the essentials of operational management in S-Corporations, focusing on board roles, compliance, and financial controls. Dive into the specific tax considerations for S-Corporations, including unique aspects, filing requirements, and owner compensation strategies. ...and much more! Seize the opportunity to turn your business aspirations into achievements. Get your copy of "LLC & S-Corporation Beginner's Guide: 3 Books in 1" now!
Everything you need to know about forming an S corporation orlimited liability company This new Second Edition of How to Start Your Own S Corporationprovides small business owners with the real facts about forming anS corporation. Newly updated, this one-of-a-kind guide tells youeverything you need to know on the subject, with step-by-stepguidance, savvy insider tips, and a wealth of hard-to-getinformation on S and every other type of corporation your businessmay qualify for. This Second Edition updates the many changes in income tax lawsince the original publication, including the expansion of theallowed number of stockholders, the new rule that S corporationscan own subsidiary corporations, new rules for medical expensebenefits, and new IRS rules for LLC classification. The SecondEdition of How to Start Your Own S Corporation includes: *Up-to-date information on recent changes in tax law affecting Scorporations, LLCs, and stockholder rules *The latest updated IRS forms *Clear explanations of the advantages and disadvantages of Scorporations, LLCs, partnerships, C corporations, and other legalforms of business *Straightforward expert advice on choosing the business form that'sright for your goals and income level *A detailed plan for setting up your corporation and findingaffordable professional assistance *Dozens of eye-opening, real-life examples *New information when tax law changes at www.robertcooke.com So, whether you are thinking about starting your own business oryou already own a small business, the Second Edition of How toStart Your Own S Corporation will give you all the insiderinformation you need to take full advantage of current tax law.
The latest entry in America's #1 all-time, best-selling tax guide J.K. Lasser's Your Income Tax 2022: For Preparing Your 2021 Tax Return delivers hands-on and practical advice for everyday taxpayers getting ready to file their 2021 taxes. On top of info about the latest changes to the 2021 tax code, you'll get worksheets and forms you can use to file your taxes. You'll also find the most current advice on how to maximize your deductions and credits and keep as much money in your pocket—and out of Uncle Sam's—as possible. In the newest edition of this celebrated series, you'll find: Special features on how to interpret recent IRS rulings and Tax Court decisions Pointers for how to file properly and optimum tax planning strategies to help you save money New information about the American Rescue Plan Act (ARPA) and the Consolidated Appropriations Act, 2021 (CAA) Trusted by Americans across the country for over seventy-five years, J.K. Lasser's Your Income Tax 2022 is perfect for anyone looking for the latest and most up-to-date personal tax info before they file their personal taxes.
Practical Guide to Partnerships and LLCs (10th Edition), by Robert Ricketts and Larry Tunnell, discusses the complex issues involving partnership taxation with utmost clarity. It uses hundreds of illustrative examples, practice observations, helpful charts and insightful explanations to make even the most difficult concepts understandable. The book reflects the authors' penchant for communicating the pertinent facts in very direct language and creating a context for understanding the multifaceted issues and applying them to practice. This new edition fully reflects all the latest developments in this complex area. These include changes affecting: - partnership basis adjustments - transfers to partnerships of property with built-in losses - sale of an interest in a partnership with built-in loss property - disproportionate distributions from partnerships with built-in loss property - expensing and amortization of partnership organizational expenses - partnership treatment of the deduction for domestic production activities - recognition of cancellation-of-indebtedness income, and more In six parts, Practical Guide to Partnerships and LLCs covers the critical aspects of this complicated area, with individual parts focusing on partnership characteristics, funding, taxation of operations, partner's share of partnership debt, disposition of partnership interest, and distributions. From choice-of-entity considerations to sales and liquidations, the entire breadth of partnership and LLC taxation is covered. Special attention is given throughout to the complex inter-workings of rules that bind, tax and control these entity operations. In the book's first part focused on preliminary considerations, the basic underpinnings are presented covering key areas such as the check the box rules, anti-abuse rules, investment joint venture rules, the application of partnership taxation to LLCs, liability issues, passive loss limitations, audit issues, self-employment taxes, IRS classification, tax year and accounting method selection, and much more. The second part of Practical Guide to Partnerships and LLCs looks at property contributions and disguised sales, transactions between partner and partnership, and formation and start-up expenses. A special summary table for the tax treatment of pre-opening expenses is included. Next, the central core of the book explains the taxation of operations including partnership income rules, the pass-through concept, and the partner's share of income and debt. Specific rules, reporting and compliance issues are thoroughly addressed. Form 1065 and schedules L, M-1, M-2, K and K-1 are also explained. Part four covers partner's share of partnership debt, while disposition of a partnership interest is the subject of the fifth part of Practical Guide to Partnerships and LLCs. This section covers the amount and character of the seller's gain or loss, sales of partnership interest when the partnership holds ordinary income property and the effect of sale of partnership interest on the partnership. The final part covers distributions, including nonliquidating, liquidating, special distribution exceptions, and disproportionate distributions. This section also includes coverage of the death or retirement of a general partner and special rules for service partnerships. The detailed and substantial coverage in the text is enhanced by the abundant illustrations and special aids to understanding, such as flowcharts, offered throughout. Practical Guide to Partnerships and LLCs will be a great resource all tax practitioners, students and those interested in developing their knowledge of partnerhip and LLC taxation..