If you own an S-Corporation, you likely know that you need to pay yourself “reasonable compensation” for the job you perform for your company. But what happens if your S-Corporation cannot afford a reasonable salary? What do you do then?…
When it comes to S-Corporation taxes, knowing the difference between dividends and distributions is important. It’s also good for business owners to have a clear understanding of how S-Corporation dividends or distributions are taxed. In today’s post, I’ll walk you…
Are you stressed because you forgot to file an S-Corp election for your business? Don’t. In today’s post, I’ll walk you through how to file a late S-Corporation election. I’ll also share with you my top-secret reasonable cause for filing…
It’s important for small business owners to have a plan for retirement. If you own an S corporation, there are several options available to you. In today’s post, I’ll give you the lowdown on the five main options so you…
Business owners often have questions about who should get a Form 1099 from them. If you’re an owner of an S-Corporation, you might have also been wondering if you’ll be receiving any Form 1099s from your clients. In today’s article,…
As a CPA, the biggest thrill for me is helping small business owners “find money” they didn’t know they were losing when doing their taxes. In today’s blog, I’m going to focus on tips for those of you who own…
My husband, James, and I love running a business together, and we have many clients who work with their spouses as well. If you and your spouse both work for your business, you may be wondering if you need to…
We just returned from a much-needed and well-deserved (if I do say so myself) company retreat. We had an amazing time! And the icing on the cake is that the trip is 100% tax-deductible. In today’s article, I’ll share with…
The SBA will re-open the Paycheck Protection Program (PPP) the week of January 11, 2021, so today I’m answering the most important questions you might have about receiving a Second Draw PPP Loan for your small business. As you likely…
Ever tried to call the Experian about your credit report or managing a freeze? I’m going to guess it wasn’t a pleasant experience. While Experian staff are always helpful, there just don’t seem to be enough of them. Over the…
