Medical Expense Deductions
Many medical costs are deductible including the cost of treatment to alleviate conditions or diseases and the cost of prescriptions and certain diagnostic services. Additional deductible medical...
View ArticleIRA’s Cannot Hold Sub-Chapter ‘S’ Stock: Trusts Can Though
To be taxed as an S corporation, a C corporation must elect S status by filing IRS Form 2553. Electing S status is fairly simple for a new or existing corporation, but meeting
View ArticleIRS Implications of Paying Yourself
Another fabulous question came my way today from a small business owner that is actually proving to be monetarily successful and wants to know how to pay herself while minimizing
View ArticleIRS Statistics of Sole Proprietor Income
Approximately 22.7 million individual income tax returns reported non-farm sole proprietorship profits of $244.8 billion for tax year 2009 according to the recently released Statistics of Income...
View ArticleIRS Form 1040 Schedule C: Profit or Loss from Business
The sole proprietorship or Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up and begin operating. It is not separate from its owner
View ArticleCash Basis Balance Sheet Basic Overview
Having spent way too much time dissecting a balance sheet today I thought it might be a good idea to put out a cash basis balance sheet basic overview post.
View ArticleStart Up Expenses
The two major start up business expenses are the costs to organize and the costs of normal business expenses incurred prior to the beginning of business or the point where the business is
View ArticleThe Self-Employment Contributions Act
The Self-Employment Contributions Act (SECA) imposes two taxes on self-employed individuals: an old-age survivors and disability insurance tax (OASDI) commonly referred to as Social Security tax, and a...
View ArticleWithholding Tax for Social Security Goes to 6.2% of Wages
Contrary to the manufactured ‘news’ dribbling out of the main stream media to sell advertising, last week the IRS published updated employer’s withholding guidance clearly stating that employers are to...
View ArticleHow to calculate stock and loan basis in an S Corp for tax purposes
If you are a shareholder of an S corporation you are responsible for keeping track of your own basis (investment value) in the S corporation of which you own shares. Tracking shareholder basis
View ArticleIRS Statistics of Sole Proprietor Income
Approximately 22.7 million individual income tax returns reported non-farm sole proprietorship profits of $244.8 billion for tax year 2009 according to the recently released Statistics of Income...
View ArticleIRS Form 1040 Schedule C: Profit or Loss from Business
The sole proprietorship or Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up and begin operating. It is not separate from its owner with the income and...
View ArticleCash Basis Balance Sheet Basic Overview
Having spent way too much time dissecting a balance sheet today I thought it might be a good idea to put out a cash basis balance sheet basic overview post. A balance sheet is a snap shot at a specific...
View ArticleStart Up Expenses
The two major start up business expenses are the costs to organize and the costs of normal business expenses incurred prior to the beginning of business or the point where the business is ready to...
View ArticleThe Self-Employment Contributions Act
The Self-Employment Contributions Act (SECA) imposes two taxes on self-employed individuals: an old-age survivors and disability insurance tax (OASDI) commonly referred to as Social Security tax, and a...
View ArticleWithholding Tax for Social Security Goes to 6.2% of Wages
Contrary to the manufactured ‘news’ dribbling out of the main stream media to sell advertising, last week the IRS published updated employer’s withholding guidance clearly stating that employers are to...
View ArticleHow to calculate stock and loan basis in an S Corp for tax purposes
If you are a shareholder of an S corporation you are responsible for keeping track of your own basis (investment value) in the S corporation of which you own shares. Tracking shareholder basis is...
View ArticleIRC 7216 Disclosure Issues to Consider When Selling Your Practice – Start...
As many of you know who follow this blog I also currently serve in a voluntary capacity as the President of the Colorado Society of Enrolled Agents, a state affiliate chapter of the National...
View ArticleA Brief Introspection of Repair vs. Improvement: IRS Revenue Procedures...
That’s right Y’all this is another one of those quite game changers for owners of tangible property concerned about keeping the IRS at bay by actually adhering to the specific US Tax Code and...
View ArticleWhat is the best Business Structure to form If Any?
What I love most about Colorado, more than the 300+ days of sun every year and the glorious rocky mountains, are the people. For the most Coloradans are risk taking job creators, starting new...
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