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Entity selection considerations in the context of compensation and payroll.

Uncategorized Feb 08, 2022

Employees are paid a salary, and federal, state, Social Security and Medicare taxes are withheld. The employer matches the Social Security and Medicare taxes withheld for each employee. An individual who is self-employed pays federal, state, Social Security and Medicare taxes on net self-employment income.

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Entity selection considerations in the context of legal liability

Uncategorized Feb 08, 2022

For many business owners, liability is a serious concern. Although a CPA can provide you with detailed advice on the tax implications of various legal structures and general advice on liability protection, you should direct any specific liability questions to an attorney who specializes in corporate law. Additional liability protection is available to any business structure by purchasing insurance.

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Entity considerations in the context of continuity and transferability

Uncategorized Feb 08, 2022

Even though you’re just starting out, you should begin with the end in mind. What will happen to your business when you retire or die? Each legal structure provides a different answer.

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Entity considerations in the context of investment

Uncategorized Feb 08, 2022

If you plan to raise capital through equity investments, your legal structure will be especially important for defining the role that investors will have in governance and the distribution of profits.

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Entity considerations in the context of operation and control

Uncategorized Feb 08, 2022

Although liability and tax implications are important, the legal structure of your business will dictate certain aspects of how you operate in the years to come.



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Uncategorized Feb 08, 2022

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Business Entity Overview
One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes you pay and your personal liability. Four basic structure types are available: 
  • Sole proprietorship

  • Partnership - general and limited

  • Corporation — S corporation, C corporation

  • Limited liability company (LLC)

The choices can be complicated — and errors can be costly. Business legal structures are regulated by state governments, but your county or municipality also may have license requirements.

What’s more, current tax laws make it difficult to change your legal structure after you begin operating. Making the right decision before you open for business is very important.
How do you decide which legal structure...
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Tax and financial planning tips: Welcoming a new child

Uncategorized Feb 08, 2022

Welcoming a new child into your life is a great joy, but it also means big financial changes. These young family members can affect your tax situation. To start things right, here are some tips to keep in mind.

Tax returns and withholdings
Having a baby — or adopting a child — could affect your filing status. For example, a single adult with a baby may be able to change his or her filing status to head of household. In some cases, changing your filing status could mean a better tax rate. If you had been using the married filing separate filing status, a change to head of household status may allow you to claim additional credits and deductions.

What credits are available?

The child and dependent care tax credit allows married couples filing jointly to claim up to $3,000 in child care expenses per qualifying individual (up to $6,000 total). The qualifying individual must be under the age of 13 and claimed on the tax return as a dependent. Married couples...
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Tax and financial planning tips: Retirement

Uncategorized Feb 08, 2022

Retirement is an exciting time. But just because the work stops doesn’t mean taxes do. When your income is fixed, taxes can take on a whole new hue. Whether you’re retiring now or simply thinking about your future, here are some things you should know about taxes and retirement.

As you consider budgeting for your retirement, don’t forget that certain taxes don’t discriminate based on employment. These include property taxes, sales taxes, special assessments from your city or state, etc. Adding these up and making sure you set a proportional amount aside monthly will make paying them much less painful.

To tax now or later?
As you choose your retirement vehicles, you’ll find you have options as to when you pay the taxes. Some contributions are made with after-tax dollars and provide no immediate tax benefit. When the time comes for you to draw down from these accounts, your distributions are tax-free. Other vehicles tax distributions as regular...

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Tax and financial planning tips: Marriage and divorce

Uncategorized Feb 08, 2022

A wedding is an exciting milestone, but it’s also a big financial turning point for couples. Whether it’s a first marriage or two families blending, these unions have major tax consequences. Ending a marriage by divorce is also significant for your tax situation. To start off right, here are some tax tips to keep in mind.

Getting married could influence which tax bracket a couple falls into, so the first step is determining the most advantageous filing status. A couple must determine if it’s in their best interest to file jointly or separately. Then, they should review how this choice affects each spouse’s tax burdens and adjust tax withholdings accordingly.
*Effective for tax year 2020

Effects of marriage on taxes — If spouses have disparate incomes, they may see a marriage bonus. If one spouse’s income falls into a higher tax bracket than the other before marriage, their combined incomes may drop the couple down into a...

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