There are so many important questions to answer when running your own business. One of the most important questions S Corporation business owners answer each year is how much to pay themselves. In today’s article, I’ll fully explain reasonable compensation…
Great news! If you borrowed $50,000 or less through the Paycheck Protection Program (PPP), the application for loan forgiveness just got way easier. Today, I’ll tell you about the changes and answer some common PPP loan forgiveness questions. How has…
To many people, the IRS is a big, scary institution that makes demands, takes your money, and penalizes you for the smallest mistake. If that’s your view too, then you might be surprised to learn that the IRS is capable…
If you’re like many of my clients, part of the dread of tax time is sorting through a pile of receipts you’ve thrown in a box or drawer somewhere. The root of this problem is that many people just don’t…
New S Corporation business owners often ask me how to get money out of their business account and into their personal banking account. Basically, there are four different ways to take money out of an S Corporation. In today’s post,…
If you’re planning an out-of-state move in the near future, don’t forget to move your S corporation along with you. The process is not typically complicated, but there are some items to consider, especially in regards to your taxes. In…
If you have lost your federal employer identification number, you can contact the IRS to request a copy of the EIN confirmation letter. To request a copy of the EIN Verification Letter (147C), complete the following steps: Call the IRS…
Once you’ve gone through the process of making your business an S corp, you are likely wondering how you get paid. You are, after all, your best employee, so let’s make sure you get this right. In this article, I…
Here are the steps you need to take to reach a real person on the phone at the Social Security Administration. Before you call, make sure you have all of the information that you need. - Social Security cards and…
The number of people permanently working remotely is on the rise. For many, this is the first time working from home has been an option, so how to file taxes while telecommuting is a hot question right now. I want…
