Being an S Corp vs sole proprietorship, which is better? It depends on a number of factors like business income, liability protection, and the tax benefits for the business owner. There’s a big misconception when it comes to S Corp vs sole proprietorship. One will usually require a reasonable salary subject to self-employment taxes while…
Not paying taxes results in different consequences that depend on the situation. In this article we will cover each listed below: Filed Your Taxes Late and Haven’t Paid Your Tax Bill Haven’t Filed and Owe Taxes Haven’t Filed But No Tax Liability How Paying Zero Taxes May Hurt You (Year over Year) Filed Your Taxes…
What does a bookkeeper do? A bookkeeping professional accounts for a business’s finances. This includes: categorizing financial transactions creating invoices (if needed) and manage accounts receivable and accounts payable month-end and year-end journal entries to close the books. Then they should prepare financial statements for the small business. The end result of managing all this…
The 3 Ways an S Corporation election may be a mistake for your business “I Was Told to Make an S Corp Election” Being taxed as an S-Corporation seems to be the #1 recommendation for small business corporation. “I was told I need to be an S-Corp.” As a CPA, I hear that a lot….