Small Business Tax and Accounting

/Small Business Tax and Accounting

Good Income vs. Bad Income

By | November 7th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Business owners may be surprised to learn that there is such a thing as "bad income." There is also such a thing as good expenses.

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S-Corps Don’t Make All Taxes Go Away

By | September 26th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Image courtesy of user "myrfa" on Pixabay.com Every year, I have a few S-corporation clients who complain that they have a tax liability on their personal return. Typically there's also a comment made about how "other people" they've talked to have S-corps and "never pay anything in taxes." This conversation happens several times a [...]

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Does My LLC Need a New EIN?

By | August 8th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Scenario: an existing LLC, taxed as a sole proprietorship or a partnership, has an employer ID number. If the LLC later decides to be taxed as a corporation, does it need a new EIN? This one is straightforward to answer. The answer is, no.

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Turning a Profit is Not a Bad Thing

By | May 10th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

I always get sideways looks from people when I say this: turning a profit is not a bad thing. Yes, you’ll have to pay tax on that profit, and that stinks. And yes, of course you should deduct everything you possibly can. But when you show losses in a business venture, that means you spent more money than you brought in.

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Three Ways A Small Business Can (Legitimately) Avoid Regulations

By | April 18th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

A common question from business owners is, how can a small business avoid the crush of taxes and regulations while still staying within the confines of the law?

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