Tax Implications of moving an asset from personal property to an LLC A rental real estate property is owned jointly by a married couple. For liability protection, the asset will…
The following article is a brief overview of single member LLCs, how you form one, various tax issues, and asset protection information specific to SMLLCs. After each section, there will…
If you’ve received a salary your whole working life, you’ve already been paying Social Security and Medicare taxes…aka self-employment tax. It’s just that your employer has done the work of…
Reducing taxes and limiting personal liability are the two primary reasons for forming an LLC. While incorporating cannot eliminate taxes (unless you make no money!), choosing the right entity can…
There's a lot of misinformation in books and on the internet about taking tax deductions for business expenses. Ordinary and Necessary For example, there are some books that claim that once you…
Below you will find the most common tax forms needed to report your LLC's profit/loss. Single Member LLC Tax Forms Form 1040 This is your standard 1040 individual tax return.…
I just formed my LLC in September of this year. I have yet to make a profit due to still trying to purchase necessary equipment, etc. Next year, if I…
The two primary reasons small business owners choose to incorporate their business are to reduce taxes and avoid personal liability. However, there is another huge benefit to incorporating that is often…
Corporation Never Made A Dime, Do We Have To File Taxes? We have a Florida corporation that is over a year old and has never made any money. Do we need…