There are 3 Ways to Tell if your Company is C Corp or S Corp.
1. S Corp Acceptance Letter from IRS
2. By Reviewing Filed and Accepted Tax Return 1120 or 1120S
3. Contacting IRS Via Phone or Local Office
Best Income Tax Calculators
We all have many questions regarding tax and sometimes it seems like a mystery if we will be paying this year tax or getting back a refund. If you don’t want to be shocked by the tax bill and want to know your tax liability ahead of time so you can budget accordingly, we have…
SBA Prepayment Penalty
Small Business Administration(SBA) offers many types of loans to support Small Business Owners to Start, Build or Buy small businesses. These SBA Loans can also be used for Real Estate purchase that is occupied 51% or more by the Small Business. These loan have several advantages such as low interest rates but have some disadvantages…
S Corp Tax Deadline 2021-2022
Are you a small business and own a S Corp? Are you wondering what is S Corp Tax Deadline 2021-2022? We will be discussing what is the S Corp deadline for 2021-2022 (Form 1120S) with or without extension. S Corp is a passthrough entity and passes all of its income, losses and credits by issuing…
Tax Advantages of Rental Property (A Must Read!!)
Main tax benefits of owning rental property include reducing or eliminating taxable income by offsetting Rental Income with deductions such as operating expenses & depreciation
Avoiding Self Employment Tax, FICA(Social Security & Medicare) Taxes
Ability to Defer Capital gains tax and depreciation recapture tax when Landlord or Real Estate investor conducts a 1031 tax deferred exchange.
Step Up Basis when Real Estate Properties are Passed from one generation to Another.
Tax Benefits can only be maximized if you keep good records and a paper trail for each Rental Real Estate Property.
Rocket Lawyer Review ( Honest & Practical Review)
There are dozens of companies online that can help you incorporate your business as a C Corp, S Corp or a LLC. But there are very few companies that provide comprehensive legal services that include Contracts, Real Estate(Landlord & Tenant Documents) and Estate and Living Trust Services. Furthermore, Rocket Lawyer offers “Ask My Lawyer” document…
Will Real Estate Prices Drop in 2022?
When the Covid 19 Hit, everyone thought the Real Estate Market will tank. It did slow down for bit till buyers were uncertain about the future. Once things started opening up Real Estate started going up. Its been going up in 2019, 2020 and 2021. Many of Real Estate Investors and home buyers are wondering…
What Small Business Expenses Are Tax Deductible in 2021-2022?
When you are a small business owner you spend money on many things to keep your business afloat. Many of these expenses simply sustain your business, and other expenses may help you grow your business. What Small Business Expenses are Tax Deductible in 2021-2022?? This is an excellent question and we will answer this question…
Reasonable Salary for S Corp Owners
As an accountant I hear this question a lot ” What’s Reasonable Salary for S Corp Owners? “I advice small business owners everyday “It Depends”. Its sounds like a vague answer, but it is very true as reasonable compensation is based on various facts and circumstances. Many Small Business Owners setup S Corp to help…
7A Loans: The Pros and Cons You Should Know About
In a survey executed by the Small Business Majority, a minute number of small businesses received funding through the Paycheck Protection Program with only 30% receiving the requested amount. Hence, many Small Business Owners were forced to start looking for high interest Loans to keep their business Afloat. Many of them turned to SBA for…
