Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help.
One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face.
CPA Robert Russo Breaks Down the Question: Should My Business Be an S Corp?
Will it help or hurt me? The team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.
The State of New York recently passed a new pass-through entity tax as a work-around for the State and Local Tax Deduction cap of $10,000.
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.
When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it’s more important than ever to choose the business entity that benefits your business.
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax professional can help. With this in mind, let’s take a look at what you need to know before you start a new business.
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.
Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.
Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Here’s a list as of 5/6/2020.