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Married Filing Joint vs. Married Filing Separate: What Your Tax Preparer is Not Saying…

Leave a Comment / Taxes, Financial Management

The amount of taxes you pay each year is greatly impacted by your filing status. Selecting the best filing status, while taking certain aspects of each into consideration is key to maximizing your tax situation. Most couples fail to meet with their tax advisor before they get married to gain an understanding of the impacts […]

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12 Do’s and Don’ts for a Successful S-Corporation

Leave a Comment / Budgeting, Financial Management, Entrepreneurship

Do’s for your S-Corporation  Be sure to file the Form 2553 and that it gets accepted by the IRS  Pay yourself a reasonable compensation for services you are performing to your S-Corporation Track all shareholder loans and/or advances you make to your S-Corporation Keep good accounting records that track all aspects of your financial data

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Itemized Tax Deductions Most Taxpayers Don’t or Can’t Use

Leave a Comment / Taxes, Financial Management

Medical Deductions:    Limited by 7.5% of your AGI. Example, if your adjusted gross income is $100K, your medical deductions would have to be over $7,500. If your medical expenses totaled $8K for the tax year, your medical deduction would be only $500. State and Real Estate Property taxes are capped at $10K:    You

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The Quickest Guide to Understanding Dividends, Ever!

Leave a Comment / Budgeting, Taxes, Financial Management, Entrepreneurship, financial freedom, Business Women, female entrepreneurs, bookkeeping, accounting, CPA, financial consulting

Background: Ownership in a corporation is evidenced by the amount of stock owned.  The stockholder’s cost of stock is based on the amount of cash given or the cost of property being contributed to the corporation at the time the corporation is created.  Shareholders are rewarded for their investment via the payment of dividends or

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Reasonable Compensation: What No One Is Talking About

Leave a Comment / Budgeting, Taxes, Financial Management

Whether you are new to owning an S-Corporation or have been operating your business as such for a while now, chances are that you have heard about the requirement of paying owner-employees a “reasonable compensation.” Many small business owners may still not fully understand this concept and therefore, may be operating their business in such

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7 Horrible Mistakes You’re Making With Your S-Corporation

Leave a Comment / Budgeting, Taxes, Financial Management

The business structure, S-Corporation, is one of the most complex business types that small business owners love, but may not fully understand how to properly operate from a tax compliance standpoint. This article discusses the top mistakes we see business owners making with their S-Corporation. Our list is not in any special order, all seems

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