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document Reclassify Shareholder Distributions
By Jason Watson (Google+) Posted July 12, 2016 As we mentioned before, you don’t have to wait for payroll to buy groceries and pay bills. You can make a shareholder distribution. And with the $0 paycheck concept it wouldn’t matter anyway. How is this handled? We re-classify prior shareholder...
12 Jul, 2016 Views: 0 Comments: 0
document Summary of Small Business Tax Deductions
By Jason Watson (Google+) Posted July 12, 2016 This chapter is huge, and has a ton of information in it and perhaps it is overwhelming. To reiterate information from the beginning of this chapter there are some over-arching themes and concepts for all small business deductions. The business...
12 Jul, 2016 Views: 0 Comments: 0
document Other Tricks of the Trade with S-Corps
By Jason Watson (Google+) Posted July 12, 2016 The big theme with S-Corps is payroll for shareholders, and what constitutes a reasonable salary. Here are some tricks that you can consider to help reduce, lower or avoid self-employment tax, or Social Security and Medicare tax burdens- A...
12 Jul, 2016 Views: 0 Comments: 0
document Basic Business Entities
By Jason Watson (Google+) Posted August 16, 2015 There are four basic business entities, and within each there are some offshoots. The four basic are- Sole Proprietorship Partnerships C Corporations S Corporations Let’s chat about each in turn. Here we go.. Sole Proprietorship...
12 Jul, 2016 Views: 0 Comments: 0
document Progressive Updates
By Jason Watson (Google+) Posted July 12, 2016 The tax law is continuously changing from the acts of our government, to the decisions by the tax court and federal courts, and through notices and private letter rulings from the IRS. In addition to changes, other topics of interest pop up in...
12 Jul, 2016 Views: 0 Comments: 0
document Choosing Your Partner
By Jason Watson (Google+) Posted October 10, 2015 You might be one of three situations. First, you have a partner in your business already and there’s no getting around it unless someone meets with an accident. Or, you work alone and don’t see that ever changing. Or, you have options- either...
08 Jul, 2016 Views: 0 Comments: 0
document About the Author
By Jason Watson (Google+) Posted July 2, 2016 Jason Watson is the Managing Member for the Watson CPA Group, a Colorado Springs tax, accounting and consultation firm. His main focus as Managing Member is small business consultation, and financial, investment and estate planning. Jason has owned...
02 Jul, 2016 Views: 0 Comments: 0
document Avoiding or Reducing Self-Employment (SE) Taxes
By Jason Watson (Google+) Posted July 2, 2016 A common complaint from those who own their own business is self-employment tax. Can you avoid, reduce, eliminate or lower your self-employment taxes or SE taxes? Yes, to a large extent actually but it takes some effort. If you own a business as a...
02 Jul, 2016 Views: 0 Comments: 0
document Other Formation Considerations
By Jason Watson (Google+) Posted July 2, 2016 There might be some situations where layering or brother-sister or parent-child type of overall structures makes sense. Holding Company and Operating Company This is one of the most common situations where you own two entities that do business...
02 Jul, 2016 Views: 0 Comments: 0
document Other S Corp Salary Considerations
By Jason Watson (Google+) Posted July 2, 2016 The previous data showed significant savings using a 40% salary without self-employed health insurance (SEHI). What happens when the company pays for your health insurance? Tax Savings with Health Insurance When your S corporation pays for your...
02 Jul, 2016 Views: 0 Comments: 0