65 results for author: cdaaccounting
The Single Member Limited Liability Company (SMLLC) Over the last few years there has been a growing interest in a Single Member Limited Liability Company (SMLLC) as an alternative to the sole proprietorship for the organization and operation of a small business. A SMLLC is an LLC in which a single individual or other entity (called a “member”) owns all of the LLC ownership interest. The SMLLC is a legal entity separate from its owner. This entity provides the owner a larger degree of protection from liability for the acts, debts, and obligations of the SMLLC. It can also offer the choice of taxation as a corporation or taxation as a “disregarded entity”. If the entity is taxed as disregarded, then all income will flow directly to the owner who reports and pays the tax using their personal income tax return.
The charitable donations deduction is generally an itemized deduction on your personal tax return (1040). That means, that unless you spend over $6,300 (for individual) or $12,600 (for married couples filing jointly) you get absolutely no real benefit.
Most states require business entities to have registered agents, but even if your state doesn't, you should strongly consider getting one. Today we will be looking at Idaho Registered Agents.
Today we will look at how to deduct clothing expenses on your tax return. The cost and maintenance of your work clothes can be a valid tax write off. The IRS lets you deduct the cost of your work clothes, shoes and protective gear, plus the cost of maintenance such as laundry, dry cleaning, repairs and replacements.
Starting your own business can be overwhelming. We will help you set up your business forming a solid foundation with the major components in place and well-organized from day one. Just follow the business startup steps.
Topic of the day: How to deduct health insurance premiums. There are a few simple steps to making sure that you can legally deduct your personal and family health insurance premiums from your S-corp. The first step is establishing who is eligible to receive the deduction. For health care purposes, you must be at least a two percent owner of the business. This means that if you are not an owner on paper, but you are the spouse, parent or grandchild, you are considered qualified.
Of course, the ideal scenario is to start a business with enough money to enable you to move more aggressively and expand your business faster. But even if you do not have money, that should not prevent you from starting your own business. If you have great idea and a viable business plan, you can use Other People’s Money (OPM) to start a business. Or if you do not have access to OPM, you better learn how to tighten your belt and bootstrap your fledgling business. Remember, while you may not be spending money, you still have to pay with something your time and energy.
It’s now very common for small businesses to be started out of the home, and for the home address to be used for the businesses mailing needs. While this may save you time and money, it also has many disadvantages pertaining to privacy, security and unwanted scrutiny. Today we will look at privacy issues with your home based business. By renting a mail box (not a P.O. Box) from a local company, or an office room in a shared building, you will eliminate the follow problems.
Idaho uses A 15 Part test, to determine if your workers are classified as an independent contractor or an employee. In today’s economy, more companies are trying to outsource much of their work to lesson higher employee wages, employee taxes and general employee issues. However, if you are treating an independent contractor much like an employee, you could be at risk for fines, back owed wages, overtime and of course those employee taxes. Today we will look at factors of an Idaho Employee versus Independent Contractor.
If you are a small business setting up accounting software for the very first time, you will love these five useful QuickBooks tips. QuickBooks Tip #1: Convert to QuickBooks January 1 Converting to a new accounting system at the beginning of a new year, makes the whole process much easier if you plan on doing everything yourself.
Looking to Save Money next year? Here is our List of 65 Ways to Save Money: 1. Better banking If you’re paying a monthly fee for your checking or savings account, you would benefit from researching some of newest banking offers out there. Not only do some banks offer sign-up bonuses simply for opening an account and setting up direct deposit, but some offer attractive interest rates to new customers as well.
Converting a company to a C Corporation can help you establish some legal and financial separation between you and your business. But the switch involves more paperwork and red tape, and you could face double taxation. Do the benefits of being a C Corp outweigh the risks?
If you are thinking about starting a business in Coeur D'Alene Idaho, then you will enjoy this helpful guide. Before taking on such an endeavor, it is very important that you cover all basis. Let us start by diving right into the bread and butter of any successful business venture, its targeted customer/client.
How Coeur d’Alene Got Its Name French fur traders allegedly named the local Indian tribe the Coeur d'Alene out of respect for their tough trading practices. Translated from French Cœur d'Alène or Alêne literally means "heart of the awl" which might mean "sharp-hearted" or "shrewd".
There are so many unknowns when starting a new business or purchasing an existing one. You may be surprised to know that many new business owners have no idea that they can deduct their initial startup expenses. Having a solid tax plan could save you thousands of dollars, now and in the future. When you are spending your hard earned money on a lifelong dream, it is vital to surround yourself with a team of professionals who can provide priceless advice from an experience standpoint.
1. Make sure that you properly classify your workers. Just because a worker agrees to be paid as an independent contractor doesn’t mean it’s the legal way of paying that person. Be very careful of this scam because it will come back to bite you.
Financial data on your Quickbooks may be some of the most important information you own. It contains your payroll, expenses; payables, customer information, receivables and income, sales and state tax information.
Congress has passed numerous confusing new tax laws which go into effect this tax season! By changing everything around, Congress and the IRS, have made filing an accurate tax return virtually impossible for every taxpayer! But that’s NOT the worst part! New complicated tax laws including the NEW EARNED INCOME CREDIT change could stop many people from receiving tax refunds from Uncle Sam which are supposed to be theirs!
Today we will examine rules and regulations regarding Idaho Contractor Taxes. Who is considered a Contractor Real property Income tax withholding requirements Contractors and sales/use tax Exemptions from sales/use tax Contractors who are also retailers Billing examples for contractors Sales/use tax for contractors in other situations Forms/publications Related information Contractors working on federal projects Laws and rules
Whether you have one employee or 50, setting up a payroll system not only gives you the ability to stay on top of your legal and regulatory responsibilities, but it will also prevent you from being fined by costly (IRS) penalties.
Avoiding The “Deadbeats” It’s inevitable that any business owner, big or small, is going to encounter clients that are just not willing to pay. It is no surprise that many small businesses do not survive the first two years, and the inabilities to collect from nonpaying clients are likely a large contributor business failure.
Today we will look at Idaho labor law information. Idaho Labor Law 1. Minimum wage in Idaho The current Idaho state minimum wage is $7.25 an hour, the same as the federal minimum wage. The minimum wage for a tipped employee is $3.35 per hour. A training minimum wage of $4.25 per hour can be paid to employees under 20 years old for the first 90 calendar days of employment.
Beware! Homeowners Providing Temporary Lodging Must Charge Idaho Sales Tax Air B&B and similar websites have made it easy for homeowners to rent a room, cabin or other temporary lodging to the public. Homeowners are just opening their doors without first registering as a business with the Secretary of State's office, and securing required permits.
Let's look at hiring an employee versus independent contractor including the pros and cons. If you are wondering if you should hire full time employee or use independent contractor, don’t make the mistake of thinking they are basically the same thing. They aren’t. Although both are hired to perform tasks for your business, they are not viewed the same by the IRS. And if the IRS suspects that you are not classifying your workers correctly, they might audit you. As you should know by now, auditors are not your friends.
There are important actions that must be taken when closing a business. These filing need to be filed through an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return showing the name of the person keeping the payroll records and the address where those records will be kept. There are other items on the business closing checklist.
QuickBooks can be a place of confusion for those who are not an expert at this type of accounting software. But do not let this program fool you, there are many easy tricks that can be performed at a push of a button or click of a mouse. Today we will look and several QuickBooks tips and tricks.
Do not panic if you have found yourself owing money to the IRS that you cannot afford to pay in full. The IRS has a number of ways for people to pay their tax bill. Solving IRS Problems The IRS has announced an effort to help struggling taxpayers get a fresh start with their tax liabilities. The goal of this effort is to help individuals and small business meet their tax obligations, without adding unnecessary burden.
Reconciling bank and other accounts in QuickBooks is something you’ll need and want to do. Such work improves the accuracy of your data. Also, the work may catch serious problems, such as employee fraud or theft. Today we will look at how to reconcile QuickBooks.
Congratulations! Once you get over the initial excitement, it’s time to break down the process of launching your startup into manageable steps. You might get overwhelmed with the sheer number of items on your to-do list. But not to worry; I’ve broken down this new business checklist into the primary tasks you need to do now, and those that you can defer until later.
Coeur d'Alene is a fast growing lake/mountain town in northern Idaho's panhandle and only 30 miles east of Spokane (WA). This beautiful town is chalk full of activities for retirees. If you enjoy the great outdoors, then this is your place. Here is some information about retiring in Coeur d'Alene. For those of you who enjoy winter activities Coeur d'Alene is also located near two major ski resorts, Silver Mountain Resort and Schweitzer Mountain Ski Resort.