03rd November 2009
Businesses operating as Subchapter S corporations may want to adjust salaries paid to working owners given the bad economy. Such an adjustment can save the business and its owners thousands in taxes. But this reset of S corporation salary is tricky. The a...
29th October 2009
Before this author identifies a handful of financial planning errors that best-selling author Dave Ramsey regularly makes, one or two comments should be made. First, Dave Ramsey's general advice to work hard, make your marriage a priority and avoid debt i...
20th October 2009
Small businesses and entrepreneurs increasingly favor the limited liability company option for their new businesses. And lots of good tax and legal reasons justify this popularity.
Unfortunately, the financial record-keeping required for a limited liab...
05th October 2009
Ayn Rand's classic tome, "Atlas Shrugged," celebrates entrepreneurship and free-market capitalism. However, while Rand's book may energize business owners and entrepreneurs, "Atlas Shrugged" displays a naïve view of how to write a business plan. In parti...
22nd September 2009
Starting your own internet business can seem daunting, but it really only requires a little bit of smarts and some experienced help.
Choosing the best entrepreneurial option depends on so many factors: your interests, your background, the available opp...
16th September 2009
As an accountant, many business owners ask me about the difference between an LLC and an LLP. Fortunately for them and for you, the LLC versus LLP question isn't too difficult to answer
Usually, the right answer is "Go with the LLC." But let me explain...
18th August 2009
Most of the time, an S corporation does not pay federal income taxes. The essential feature of an S corporation is that shareholders pay the taxes on income?not the corporation. However, three situations exist whereby an S corporation may end up paying ta...
17th August 2009
Accountants, attorneys and fellow entrepreneurs sometimes will sometimes tell you that a limited liability company offers less legal protection than a traditional corporation.
I'm not an attorney. But I have taught graduate-level tax classes about limi...
29th June 2009
If you're operating an online business, you'll find it relatively easy to use Quicken. The popular checkbook program makes for easy accounting as long as you follow five simple tips.
Tip #1: Tell Quicken you'll be doing business bookkeeping.
When yo...
29th June 2009
Real estate investors sometimes think about using S corporations for real estate investing. And the idea sounds promising. Almost everybody knows that S corporations are popular. And many people even vaguely know S corps deliver some big tax benefits to s...
15th June 2009
Almost no matter how successful your online e-business becomes, you should still easily be able to use the QuickBooks accounting software program. Simply use the five tips described in the paragraphs that follow.
Tip #1: Setup a separate bank account f...
03rd June 2009
Subchapter S corporations can produce big tax savings for some small business entrepreneurs. For one thing, by making the election to be treated as an S corporation, the business pay no corporate income taxes. And working entrepreneurs often minimize thei...
14th May 2009
Considering the idea of starting a business? Now may be a great time. But you'll need to address of the following four points:
Checklist Item #1: Choose the Right Entity
You can operate your business in a variety of ways. Individuals, for example, c...
19th March 2009
For many businesses, a severe contraction in the economy seems a "black swan" event... an economic crisis so extraordinary as to prove almost un-manageable. But, in fact, recessions and depressions occur regularly. And experienced entrepreneurs know to em...
13th March 2009
In a dangerous economy, businesses should take every step they can to protect their firm's assets. One great technique for reducing risks is the limited liability company, or LLC, which offers three, significant protections...
Protection #1: LLCs Prote...
