CONSUMER ALERT! The Attorney General’s office is investigating “COMPLIANCE SERVICES” for soliciting new Florida corporations implying that they must send corporate minutes and $125 to a Tallahassee address for filing. There is no statutory authority for corporate minutes to be filed with any government entity. […]
Read More… from Consumer Alert – Florida Compliance Services
Driving from home to your first place of business (notice I did not say office) is not deductible. From home if you visit a client first, no deduction (first place of business) but to the next place of business (office or another client) is deductible. From your last place of business home (again, notice I […]
Read More… from Mileage Deduction – what about driving to the office?
Limited Liability Companies started in the United States in Wyoming in 1977. Similar entities existed in Germany in the late 1890’s. The Wyoming farmers wanted the advantages of corporations (specifically, limited personal liability) with the advantages of being unincorporated (no organizational meetings, By-Laws, accounting requirements). Since then, all 50 states have adopted various forms of […]
How is the LLC income reported? The IRS considers the single member LLC to be a “disregarded” entity. That means, it is reported for tax purposes exactly the same as a sole proprietor with no additional reporting requirements. That’s still a part of the GOOD, ease of reporting income. A multiple member LLC comes under the […]
How is the LLC operating income taxed? The tax side is way different… BAD. A single member LLC is a “disregarded” entity. Thus, the LLC would not do a separate tax return as would a corporation. The owner (now you know to say member) would account for the income exactly as a sole proprietor on a […]
Owners of LLC’s are called members. The person in charge is called the manager or managing member (if it is a multiple member LLC). […]
Read More… from If I’m doing business as an LCC, what am I called?
COST SEGREATION = TAX SAVINGS Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and […]
Click here for discussion of Independent Contractors (or not) versus Employee […]
In the Simpliest Terms……. CASH BASIS REVENUE means you declare it when you RECEIVE the money. ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). CASH BASIS EXPENSE means you expense it when you PAY it. […]
We have the latest Quickbooks editions. We recommend you have the online version… give us permission and we can go online to assist. Additionally, we can come to your place of business for personalized instruction. […]
