Year End Tax Planning Checklist for Individual tax payers

Year End Tax Planning Checklist for Individual tax payers

Retirement distributions and contributions: Plan your final contributions to employer-sponsored 401k plans, retirement contributions to Roth, Traditional IRA. Contributions to Health savings accounts: You can contribute up to $6,750 per family and $3,400 for self-only. If you are 55 or older as of December 31, 2017, you may be eligible for another $1,000. Dependent care forms: Complete/request theRead more about Year End Tax Planning Checklist for Individual tax payers[…]

5 easy steps to getting your business accounting ready for tax time

5 easy steps to getting your business accounting ready for tax time

Bank and credit cards: Keep your year to date bank and credit card statements ready for tax time. The accounts should be reconciled and match the final balances in your accounting software. Business loans: Make sure the final balances match the lenders’ loan statements. Personal contributions to business and drawings: This should reflect in your final accounting inRead more about 5 easy steps to getting your business accounting ready for tax time[…]

Should a tech startup incorporate as an LLC, a C-Corp, or an S-Corp? If so, why?

Should a tech startup incorporate as an LLC, a C-Corp, or an S-Corp? If so, why?

In general, majority of tech startups choose C Corporation if they plan on raising venture capital. They are incorporated in Delaware and also have another entity in CA or the state they are physically located. We also see many S Corporations especially technology consulting businesses. Overall, there is no single answer to the best businessRead more about Should a tech startup incorporate as an LLC, a C-Corp, or an S-Corp? If so, why?[…]

Can someone claim an allowable deduction for expense to secure a special seat of the flight during a 100% business trip?

Can someone claim an allowable deduction for expense to secure a special seat of the flight during a 100% business trip?

It depends on various factors- If you are an employee, your employer should cover all variations & upgrades as part of their travel policy. If you are an independent business owner, then there are so many other factors to consider. In general, if they are reasonable, justifiable, necessary for your comfortable and safe travel toRead more about Can someone claim an allowable deduction for expense to secure a special seat of the flight during a 100% business trip?[…]