Coeur d'Alene Accounting's Latest News Headlines
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August 1, 2017
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.more
April 2, 2017
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.more
December 30, 2016
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.more
July 5, 2016
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.more
March 19, 2016
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.more
February 29, 2016
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.more
February 24, 2016
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.more
January 13, 2016
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.more
January 7, 2016
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.more
December 31, 2015
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.
December 26, 2015
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.
December 23, 2015
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?more
November 27, 2015
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.more
November 7, 2015
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".
October 22, 2015
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.more