Articles, tagged with "schedule c", page 5
07th July 2008
A tricky question that new limited liability company bookkeepers often have concerns how to record correctly the payments made to the owners. Are the payments wages, for example? Partnership draws? Or something else entirely different?
Limited liabilit...
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Author:
Stephen L. Nelson
02nd July 2008
Both sole proprietors and partnerships can convert to a limited liability company. Owners of LLCs are called members, not shareholders.
Until recently some states did not allow one-member LLCs . This is no longer the case. One-member LLCs are allowed i...
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Author:
Nick Braun EA PhD
05th June 2008
Incorporating a business delivers benefits. Liability gets limited at least a little bit. And incorporating usually means the business reduces its income taxes or the payroll taxes or both.
But incorporating creates some extra costs and headaches. And...
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Author:
Stephen L. Nelson
05th June 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ...
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Author:
Tom Wheelwright
27th April 2008
In addition to income and sales taxes, there are dozens of strange taxes American taxpayers are forced to pay every year. These taxes range from taxes on illegal drugs to taxes on the production of blueberries. Below is a full list of the top 8 craziest t...
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Author:
Roni Deutch
27th March 2008
Because of increasing pressure from Congress and the President, the IRS has began an effort to increase the number of audits they perform to help lower the ever growing tax gap. Eliminating the tax gap - estimated to be $312 billion to $353 per year - wou...
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Author:
Roni Deutch
27th June 2007
It goes without saying that the LLC is the media darling when it comes to choosing an entity for small businesses. In some cases, however, an LLC is at a disadvantage compared to an S Corporation.
Originating in the late 1970s in Wyoming, Limited Liab...
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Author:
Richard Chapo
18th June 2007
When it comes time to start a business, many people just get on with the process without really thinking about issues like taxes, liability and business entities. This can lead to unintended consequences.
If you start a business and are the sole owner...
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Author:
Richard Chapo
05th April 2007
College and college-bound families should be looking into a unique opportunity to save tens of thousands of dollars on college costs for school year 2007-2008.
For the very first time, there's a loophole in the 2007-2008 Free Application for Federal St...
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Author:
Reecy Aresty
27th March 2007
For entrepreneurs who are running their own businesses and even for those who are planning to set up their own businesses, the self-employment tax deduction could be a huge blessing. By these deductions, many of the expenses that businessmen incur for the...
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Author:
AdamHeist
08th March 2007
Many people ask me if they are required to report the profits they earn on items they sell on eBay. The answer is "yes".
If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It do...
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Author:
Kristine McKinley
02nd March 2007
While budget is not a four-letter word, you'd think it was from the reactions and grumblings I get from clients as we work through their financial records, record keeping systems, and deciding how to best leverage their strengths, knowledge, and skills to...
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Author:
15th February 2007
If you run a business, you are looking for as many deductions as possible to knock down the tax you have to pay. Following are some highlights of the taxes you can deduct that are collected by anyone other than the federal government.
How confusing is...
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Author:
Richard Chapo
06th February 2007
Many people starting a business have little knowledge or interest in business entities and thus become sole proprietors. There are pros and cons to this approach.
A sole proprietorship is a default business form. If you start your own business and do ...
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Author:
Richard Chapo
31st January 2007
A sole proprietorship is the business or an individual who has decided not to carry his business as a separate legal entity, such as a corporation, partnership or limited liability company. This kind of business is not a separate entity. Any time a person...
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Author:
John Ugoshowa
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