Category: Tax

1099 Compliance Basics for Businesses, Corporations & Independent contractors/consultants
06 Jan
Posted in Tax No comments

1099 Compliance Basics for Businesses, Corporations & Independent contractors/consultants

For Businesses & Corporations As a business owner, you may be hiring independent contractors for your business. If you have paid any amount greater than $600 during the calendar year, you may be required to file a FORM 1099-MISC with IRS. A copy is sent to the contractor and a copy is sent to theRead more about 1099 Compliance Basics for Businesses, Corporations & Independent contractors/consultants[…]

2019 Tax deadlines
01 Jan
Posted in Tax No comments

2019 Tax deadlines

Below are the tax deadlines for businesses and individual tax filers. 2019 Tax Deadlines   Form  2019 Filing Due Date (Tax Year 2018) Form W-2 (electronic or mail) Form 1099 Form 1065 – Partnerships Form 1120S – S Corporations Form 1040 – Individuals FinCEN 114 – FBAR (will be allowed to extend) January 31st January 31stRead more about 2019 Tax deadlines[…]

5 things on your to do list before new tax plan is implemented in 2018
24 Dec
Posted in Tax No comments

5 things on your to do list before new tax plan is implemented in 2018

5 things on your to-do list before new tax plan is implemented in 2018 Prepay 2018 property tax bill: Prepaying is fine as long as you agree with your property tax valuation. Many jurisdictions will not allow you to protest your property tax valuation if you prepay. Check with a property tax attorney as needed.Read more about 5 things on your to do list before new tax plan is implemented in 2018[…]

Here’s how the new tax plan will impact your business…
21 Dec
Posted in Tax No comments

Here’s how the new tax plan will impact your business…

Here’s how the new tax plan impacts your business…   Below are few major highlights for Corporations/ Businesses. Reduction in corporate tax rate: Under the new tax plan, corporate income is taxed at a top rate of 21% instead of 35%. Alternate Minimum tax: The bill repeals AMT for corporations. Multinational corporation taxes: Currently, US operatesRead more about Here’s how the new tax plan will impact your business…[…]

9 Year-end Tax Planning strategies for High Income Earners
17 Dec
Posted in Tax No comments

9 Year-end Tax Planning strategies for High Income Earners

9 Year-end Tax Planning Strategies for High-income earners   1) Accelerate deductions:  Accelerate deductions in December to take the deduction in the current year. However, be aware of the items that may be subject to Alternative Minimum Tax. AMT is an alternative tax calculation that has been established to ensure you do not take anyRead more about 9 Year-end Tax Planning strategies for High Income Earners[…]

Year End Tax Planning Checklist for Individual tax payers
10 Dec
Posted in Tax One comment

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[…]

Should a tech startup incorporate as an LLC, a C-Corp, or an S-Corp? If so, why?
30 Oct
Posted in Tax No comments

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?[…]