The 2010 Health Care Bill Helps Small Business Lower Your 2010 Taxes!
If, in 2010, you provided and paid for health care for your employees you may have a 35% credit coming on your 2010 Tax return! This is found money, so make sure you investigate and take advantage if you qualify. If you provided ≥ 50% of the cost of heath care coverage for some of [...]
The Importance of Corporate & LLC Meeting Minutes
Why keep records of meetings between me (the individual) and myself (the company) when I have a SMALL company? Let us ask why did you form the company? Maybe because you wanted some protection from lawsuits and other unfortunate distractions. These would be good reasons but it only works if you are truly operating the [...]
Business to Business $$$ – The IRS Wants to Know
Businesses are required to report business transactions with other businesses annually. The IRS 1099 system tracks business to business payments. Every business must complete 1099’s for payments of rent, interest, non-employee compensation, prizes or awards, attorney fees and other payments informing both the recipient of the money and the IRS of the payment. Interest and [...]
How to get Working Capital
Money, the foundation of all business transaction but when you need it how do you get it? Well, it is not as easy as it use to be. Places to go: Your savings or a mortgage on your home A mortgage on your business property The bank Friends or family Factoring Investors Secondary loan market [...]
Contractors vs Employees
Contractor VS Employee A common-law employee is anyone who performs services for you and if you can control what will be done and how it will be done. This is so even when you give the employee freedom of action. What matters is that you have the right to control the details of how the [...]
Why you should NOT be an LLC?
Since ~ 1997, when the IRS finally clarified how the federal government would tax LLC’s, this type of entity has grown rapidly as the entity has grown rapidly as the entity of choice for many small to medium sized closely held businesses. There are many good reasons for this: With the IRS “Check The Box” [...]
Real Estate Owner – Is your Tax Write-off worth less to you than the sum of its parts?
REAL ESTATE OWNER – Is your Tax Write-off worth less to you than the sum of its parts? If you have purchased, constructed or rehabilitated a building over the past 5+ years you may be not writing off the cost of your building as fast as you could and you are paying higher taxes as [...]
