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Ins and outs specific to LLCs and S-Corps


Small Biz FAQs
 
document Health Care Expenses, Premiums, HRAs, HSAs - Section 105
By Jason Watson (Google+) This KB article is outdated. Please refer to our complete Taxpayer's Comprehensive Guide to LLCs and S Corps at- www.watsoncpagroup.com/kb/19 Or.. www.watsoncpagroup.com/book Thanks! An LLC or S-Corp allows you set up a plan to reimburse shareholders (and...
02 Sep, 2014 Views: 0 Comments: 0
document Retirement Planning within an S-Corp
By Jason Watson (Google+) This KB article is outdated. Please refer to our complete Taxpayer's Comprehensive Guide to LLCs and S Corps at- www.watsoncpagroup.com/kb/19 Or.. www.watsoncpagroup.com/book Thanks! There are lots of options with retirement planning within your LLC or...
02 Sep, 2014 Views: 0 Comments: 0
document S-Corp Hard Money Facts, Net Savings
By Jason Watson (Google+) This KB article is outdated. Please refer to our complete Taxpayer's Comprehensive Guide to LLCs and S Corps at- www.watsoncpagroup.com/kb/19 Or.. www.watsoncpagroup.com/book Thanks! To get to the net-net, we prepared fictitious tax returns to get exact...
02 Sep, 2014 Views: 0 Comments: 0
document Using a Self-Directed IRA to Buy a Rental, Start A Business
By Jason Watson (Google+) Posted August 16, 2015 Since this chapter is about starting a business, there’s no better place to talk about self-directed IRAs. What the heck is a self-directed IRA? Just because you make investment choices within your retirement accounts, does not mean they are...
16 Aug, 2015 Views: 0 Comments: 0
document LLCs and S-Corps
We have split out FAQs specifically for LLCs and S-Corps into a separate category. Please expand the menu tree to the left under LLCs / Small Biz or click here to start reviewing questions and answers specific to LLCs and S-Corps. Separate PDFs are also available- ...
15 Jan, 2013 Views: 0 Comments: 0
document Hobby Versus Business Article
By Jason Watson (Google+) This KnowledgeBase posting has been superseded by a series of KB articles on the hobby loss topic. Please click on the link below to be redirected to updated section of our KnowledgeBase- http://www.watsoncpagroup.com/kb/21/ What Is The Difference Between A Hobby...
15 Dec, 2013 Views: 0 Comments: 0
document What is the difference between a hobby and a business?
By Jason Watson (Google+) The hobby versus legitimate business is a common question. We have written a series of KB articles on this topic as well. Here is a quick summary- First, the IRS suggests that incorrect deduction of hobby expenses account for a portion of the overstated adjustments,...
15 Dec, 2013 Views: 0 Comments: 0
document What business or corporate expenses can I deduct?
By Jason Watson (Google+) The IRS uses two rules for determining if an expense is deductible- in general, you may deduct ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in your trade or business. A necessary...
16 Oct, 2012 Views: 0 Comments: 0
document What is the difference between an LLC, S-Corp and a C-Corp?
By Jason Watson (Google+) They are all corporations, yet there are some subtle differences. Technically there are only two corporations, limit liability corporations (LLCs) and corporations (C-Corp). An LLC is NOT treated as a separate entity in the eyes of the State, while a corporation IS...
16 Oct, 2012 Views: 0 Comments: 0
document How can I avoid or reduce Self-Employment (SE) taxes?
By Jason Watson (Google+) Avoiding or Reducing Self-Employment (SE) Tax 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. ...
01 Sep, 2014 Views: 0 Comments: 0
document Can I call my 1099 ‘other income’ which avoids employment taxes?
By Jason Watson (Google+) This KB article has been updated. Please see our new 1099 as other income article. Maybe. The IRS defines a trade or business as an activity carried on for a livelihood or in good faith to make a profit. IRS Revenue Ruling 58-112 further characterizes a trade or...
17 Oct, 2013 Views: 0 Comments: 0
document I've never heard of the Watson CPA Group- can I get references?
By Jason Watson (Google+) Of course! Because of privacy concerns and IRS disclosure laws, we cannot provide that information on our website. However, please call or email us, and we can send you our list of references. Please understand that because many of our competitors would like to have...
07 Oct, 2013 Views: 0 Comments: 0
document I got a huge refund last year. Can I expect the same this year?
By Jason Watson (Google+) Trick question. The amount of refund (or in some cases tax owed) is largely dependent on tax withholdings throughout the tax year in addition to various one-time tax credits. Yes, we maximize your deductions. Yes, we ensure that you are claiming everything you are...
07 Oct, 2013 Views: 0 Comments: 0
document If I am a self-employed ExPat, what taxes am I responsible for?
By Jason Watson (Google+) Self-employment income is taxed at two different levels- first, the net profit is taxed for social security and medicare benefits which is currently 15.3%. This is also referred to as self-employment (SE) tax. Next, your profit is taxed for personal income. You can...
12 Nov, 2014 Views: 0 Comments: 0
document Payroll Tables Gotchas
By Jason Watson (Google+) Payroll tables can be problematic in an insidious way throughout the year. There are two situations that you should be aware of- First, those of you that have large swings in compensation from check to check can find themselves unnecessarily giving money to the IRS...
16 Oct, 2012 Views: 0 Comments: 0
document What do I do with a 1099-K?
By Jason Watson (Google+) Look out PayPal merchants, and the like. The IRS is on to you, and they’ve solicited help from intermediaries such as PayPal, Google, Yahoo, Amazon, etc. The days of selling a bunch of stuff for essentially cash and pocketing some tax-free money is over. Sorry. ...
16 Oct, 2012 Views: 0 Comments: 0
document Can I pay my taxes with a credit card?
By Jason Watson (Google+) There are several options but predominantly there are two- EFTPS: The Electronic Federal Tax Payment System is a free service from the US Department of the Treasury. All federal taxes can be paid using EFTPS. You can make payments via their web site, a voice response...
16 Oct, 2012 Views: 0 Comments: 0
document Why can't I deduct health insurance premiums?
By Jason Watson (Google+) You can. In two scenarios. First, if you are self-employed there are provisions allowing you to deduct the cost of health insurance premiums. Second, if your health insurance premiums are paid out-of-pocket as an after-tax expenses. Typically most taxpayers are...
16 Oct, 2012 Views: 0 Comments: 0
document What are the rules on a home office deduction?
By Jason Watson (Google+) If you use part of your home for business, you may be able to deduct expenses for the business use of your home, but there are some rules. To qualify to deduct expenses for business use of your home, you must use part of your home: Exclusively and regularly as your...
12 Jan, 2013 Views: 0 Comments: 0
document Can I deduct country club dues as a business expense?
By Jason Watson (Google+) No. But there is a small silver lining. The IRS in Publication 463 (Travel, Entertainment, Gift and Car Expenses) is very specific regarding deducting club dues and membership fees. Any club that is organized for pleasure, recreation OR other social purposes is not a...
16 Oct, 2012 Views: 0 Comments: 0

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