Glossary: C-Corporation
A C-corporation is a tax term referring to one of two ways a corporation can be taxed.
Getting Your Business Off to a Good Start, Part 3: Bookkeeping Systems
When I say “bookkeeping system,” I mean the manner in which you record the transactions that take place in your business.
Getting Your Business Off to a Good Start, Part 2: Can I Keep Scanned Copies of Receipts?
In the last part, we talked about proper documentation of business income and expenses. Nearly 100% of the time, the first question people ask at this point is: do I have to keep all that paper, or can I scan the receipts?
Getting Your Business Off to a Good Start, Part 1: Proper Recordkeeping
Recordkeeping refers to recording the transactions that take place within your business. Documentation refers to the proof of the numbers in your recordkeeping system.
Can You Get a Refund if You Pay Nothing In?
Answer: this discussion goes beyond sole proprietors, and the short answer is “maybe.”
How are “B-Corporations” Taxed?
This post will attempt to answer answer two questions: what is a B-corp, and how are they taxed.
S-Corporations and Charitable Contributions: A Brief Overview
The tax treatment of charitable contributions made by an S-corporation is something that clients sometimes question. Here’s a brief overview.
Do Property Managers Send 1099 Based on Gross Rent or Net Rent?
This is a rare case where I can give a straight, firm answer: the 1099 should show the gross amount of rent collected.
Issue a 1099 to a Hotel for Rent Expense?
The question posed to me was: if we rent a conference room from a hotel, do we need to issue a 1099 to the hotel to report the amount of fees paid? My knee-jerk reaction was to say no, because renting a conference room isn’t really a “rent expense” as in an office lease. An office lease would need reported on a 1099, but renting a conference room wouldn’t be. But I never felt 100% confident in that answer.
What Taxes is a Tax-Exempt Organization Responsible For?
Tax-exempt organizations are exempted from paying income tax and federal unemployment tax… but they might have other tax liabilities that they’re responsible for.