Operating Your S Corporation

After your business is allowed to be treated as an S Corporation by the IRS for tax purposes, it is important for you to observe certain corporate formalities and meet specific reporting requirements. This is for you to maintain your S corporation status in good standing and continue to receive the asset protection and tax benefits …

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“Am I Required To File An FBAR?”

Say you are a United States person who owns or has signature authority over financial accounts outside the United States, and the aggregate amount in those foreign accounts exceeds a reporting threshold amount during any day of the calendar year. In such cases, you are required to report these foreign accounts to the office of …

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Protecting Corporate Veil

Many owners of incorporated business entities believe that their personal assets are protected against the debts or obligations of their business, no matter what. While limited liability is one of the principal characteristics of business entities, simply incorporating a business is not enough to protect against personal liability. Once a business is properly incorporated as …

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DIY Bookkeeping for Small Startup Entrepreneurs

Most small startups can neither afford, nor do they need, a full-time or even a part-time bookkeeper given the size of the business, and the amount of daily business activities during the early stage. If you are one of such small startups, it is important for you as a startup entrepreneur to understand what bookkeeping …

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Employment Tax Basics for Small Business Owners

As an employer, in addition to paying your employees salaries, you are also responsible for withholding certain taxes from their gross salary, matching some of the taxes withheld, and paying other taxes from your own funds. To comply with the IRS and state laws, you must then report and deposit these taxes on certain forms …

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8 Steps to Setting Up Your Payroll System

If you have at least one employee or if you are a self-employed owner of an S Corporation, setting up your payroll system can help you streamline your ability to stay on top of your legal and regulatory responsibilities as an employer. It can also help you save time and protect you from incurring costly …

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LLC vs. S Corporation – Which One Is Better?

The main similarity between Limited Liability Company (LLC) and Subchapter S Corporation (S Corp) entity types is that they both allow the benefits of limited liability protection and pass-through taxation. However, both these entity types have their unique set of advantages and disadvantages that you should be aware of, while deciding which one of the …

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7 Traits of Successful Retirees

Retiring successfully means being able to accumulate the retirement nest egg needed for a financially-secured retirement. While planning is the key to retiring successfully, not everyone who plans for retirement is automatically guaranteed to achieve their retirement goals. People who retire successfully display some, or all of the following seven traits: They have a clear …

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5 Reasons for Retirement Planning

Retirement is an inevitable life event that marks the end of your full-time employment and its resulting income. Whether you are in the early or middle stage of your career, nearing retirement, or already in retirement, achieving a financially secure retirement should always be one of your most important financial goals. Here are five reasons …

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Business Entity Selection

One important consideration when starting your business is determining the best legal structure of your business. Your selection of legal structure will affect operating efficiency, transferability, control, the way you report income, the taxes you pay, and your personal liability. Here is the comparison of some of the basic considerations while selecting one of the …

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