Should You Use Online Tax Preparation Software in Your Business?

Discover the pros and cons of using online tax preparation for your business. Many individuals are turning to online tax preparation software – but should your business? Tax preparation software is increasingly popular for individual use, with many people attracted to the convenience and simplicity of doing taxes in their pajamas. Even if they’re leaving money on the table, many people either don’t know or
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Categories: BUSINESS TAX STRATEGIES.

The Consequences for Failing to Comply with the 1099 Rules

If your business paid someone (who was not your employee) a total of $600 or more during the year, you must issue a 1099 to them (unless it is a corporation). For attorneys, 1099s are required even if incorporated or regardless of their entity type. In addition 1099s must be filed with the Internal Revenue Service. The 1099 filing requirement applies for payments made by
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Categories: BUSINESS TAX STRATEGIES, CORPORATIONS & LLCs, and SMALL BUSINESS ADVISORY.

Starting a Business Creates Tax Benefits

Starting a business can create tax benefits by converting some personal expenses into tax deductions. What was formerly non-deductible may become deductible when you operate a business, thereby increasing your personal benefit significantly. For example, when you buy something for $100 (as an employee) using after-tax dollars, you must actually earn about $150 to net the $100 bring-home pay in order to buy the item
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Categories: BUSINESS TAX STRATEGIES and SMALL BUSINESS ADVISORY.

Corporations and LLCs Do Not Automatically Provide Benefits

You may have formed an LLC or a corporation with the understanding that your business structure would save you money in taxes and protect you from lawsuits and creditors. But for most small and micro businesses in California that is a myth. Only about two percent are in compliance and most are violating some regulation daily. Warning: Forming a corporation or LLC will not automatically
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Categories: ASSET PROTECTION, BUSINESS TAX STRATEGIES, and SMALL BUSINESS ADVISORY.

IRS Ramping-up Audits of Small Business Entities

Audits of businesses are much more extensive and intrusive than those for individuals.  Should your business be audited, you can expect that every bank and checking account that you have in your household will be taken into consideration.  The auditor will be looking for “unreported income”. The IRS believes that most small businesses do not report all of their earnings.  In addition to the audit
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Categories: BUSINESS TAX STRATEGIES.

Business Tax Plans

The amount of taxes that you or your business must pay will vary greatly depending on the way that your business is structured and which planning concepts are put into action.  We can reduce your taxes, as a business owner, through the implementation of our formal tax planning services. Our Tax Plans are designed to take advantage of the current tax laws and regulations.  A
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Categories: BUSINESS TAX STRATEGIES.