Six Tips for Starting Your Own Business
Posted on October 4th, 2020
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax professional can help. With this in mind, let’s take a look at what you need to know before you start a new business. Read More…
Choosing a Business Entity
Posted on October 2nd, 2020
When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it’s more important than ever to choose the business entity that benefits your business.
Ask Bob: Should My Business Be an S Corporation? 6 Myths and Facts
Posted on September 25th, 2020
CPA Robert Russo Breaks Down the Question: Should My Business Be an S Corp?
Ever since the Tax Cuts and Jobs Act was signed into law in late 2017, the team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.
The answer to “should my business be an S corp”? It depends. There are benefits to becoming an S corporation (taking a distribution of dividends exempt from self-employment tax). But there are also pitfalls – if you don’t follow S corp requirements (take too large a distribution, and you could hear from the IRS).
4 Tax-Saving Provisions for S Corporations Under COVID-19
Posted on May 7th, 2020
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.
Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.
Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Here’s a list as of 5/6/2020. Read More…
Choosing a Legal Entity for Your Business — The Right Fit
Posted on June 3rd, 2019
If you’ve decided to start a business, one of the most important decisions you’ll need to make is choosing a legal entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Read More…
Five Things to know before Starting a Business
Posted on October 3rd, 2018
Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help. Read More…
Selling your Small Business – Planning Strategy to Maximize Profits
Posted on May 2nd, 2018
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.
If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize capital gains and other taxes to maximize your profits from the sale. Read More…