For the purposes of filing federal income taxes, a corporation is considered a separate taxpayer. Any profit made is taxed to the corporation when earned and then taxed to the shareholders upon distribution as dividends. Critically, corporations that generate net...
Business owners must pay various taxes, including income taxes, franchise taxes, sales taxes, and the most dreaded of all – payroll taxes. Payroll taxes can be the most confusing. Even if you hand the responsibility over to a payroll company, as the business owner,...
Want to know about the ins and outs of business taxes? Listen to Joshua D. Brinen answer some of the most common questions business owners have regarding taxes: What kind of taxes do businesses pay? Depending on the structure of the business, a business will...
“Taxes are what we pay for civilized society,” former U.S. Supreme Court Justice Oliver Wendell Holmes, Jr. is credited with saying. That’s only half the quote. You must only pay the amount required by law, no more. Tax planning is critical so you must only pay the...
“The precise point at which a tax deduction becomes a 'loophole' or a tax incentive becomes a 'subsidy for special interests' is one of the great mysteries of politics.” – John Sununu As April 18th draws nearer, I’ve been advising several new entrepreneurs and owners...
“The only thing that hurts more than paying an income tax is not having to pay an income tax.” – Thomas Dewar April 18 is two weeks away, and while that may be great news for us accounting professionals, it may be a solemn period of self-reflection for sole...
