The Tax World for Businesses
No Avoidance of the Taxing Authorities.
If you believe that you know all of the taxes your business may be exposed to, you will probably be wrong. Is it 4, 5, more?
The best way to minimize the impact of taxes on your business is to develop an overall tax strategy plan. This plan will help you and your tax adviser to anticipate the tax or filing requirement before it comes up. Planning also allows you to plan to take advantage of every possible legal reduction of your taxes.
All Businesses will have Certain "Basic" Taxes.
Picturing Your Financial World
Identifying your financial assets and their relationships
One way to see your financial world and its many aspects is a “Playing Field Graphic.” This graphic shows all of the “players” in your financial world. “Players” are entities or activities that exist in your financial world. The “Players” tend to be accumulated but not necessarily planned.
Financial World “Playing Field Graphic”, a picture of your financial world
Your Financial World “Playing Field Graphic” is a pictorial representation of all of your financial assets in the form of players (entities and activities that make up your financial situation).
What is "Reasonable Compensation"?
Reasonable Compensation is a current high priority issue for the IRS concerning all corporations, especially S corporations
Wage Compensation for Corporation Officers
Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contribution Tax Act), FUTA (Federal Unemployment Tax Act), and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Sub-chapter S corporations should treat payments for services to officers as wages, and not as distributions of cash and property or loans to shareholder or limited liability company members.
Business Help Resources
- Can You Use Independent Contractors?
- Doing Business in the 21st Century Electronic World
- How to Get Up and Running
- Notice to LLC Owners
- Ten Essential Business Functional Areas
- The Money Pump
- Understanding Risk Management
- What You Need to Know Before Starting a Business
- What You Need to Know When Your Business Needs Workers