What Makes S Corporations Such a Popular Business Entity?

  S Corporations are considered to be the most prevalent type of corporation with entrepreneurs and the most popular in the United States, with tax year 2003 reporting that 61.9% of all corporations filing Form 1120S were shown to apply for S Corp status. What is it about this entity that makes it so popular with small businesses, anyway? Much of that answer actually has to do with the double taxation that comes with incorporating a business. Once a business has been incorporated, it must pay a tax on the

Read More…

Going for a Ride with Serene Transportation

  Michael Kincannon loves driving. While working as an Uber driver for over 3 years,Kincannon discovered that life on the road was therapeutic for him. So he decided to take it to the next level and start his own transportation company with his wife, Crystal. Serene Transportation, LLC was born in December 2015. Although the couple operates out of a home office, they really conduct business in the 2 black Chrysler 300s they bought for the company. These vehicles ensure its clients will arrive at their destinations safely and in style. Serene Transportation

Read More…

Everything You Need to Know About Comp Time

Did you know that one-third of private employers are at risk of an FLSA lawsuit because of comp time (or, formally, compensatory time) issues related to their employees? Operating a small business comes with countless responsibilities, many of which some business owners are completely unaware that can put them into major hot water over legal issues. TSheets.com recently published an article on the tremendous lack of understanding by employers about offering comp time versus offering overtime benefits. Read the complete article and see the surprising results of a survey of

Read More…

Startup Story: Lighting Up the World One Candle at a Time

Entrepreneur Anton Karbanovich knows all about web development and Internet marketing. He also knows that there are lots of children in need around the world. So, he decided to combine these two factors by taking the leap of faith to start his own small business. Officially called Melt Candle Company, LLC, Karbanovich launched the home-based venture in October 2016. While he has a residence in Belarus, the business was registered in Oak Harbor, Washington. That’s where his mother and business partner, Larysa, resides. “I put this business together completely from

Read More…

How to Save on Your Spring Break Vacation

Whether you’re a family of five or a single college student, there’s a chance you are looking to get away from it all for a few days during the spring break period from early March through late April. Below are some quick tips on how to make your spring trip a little more affordable. 1. Prioritize planning. You may have missed the boat on being able to thoroughly plan your spring break trip this year, but try planning ahead as much as possible. This means deciding on how many days

Read More…

Why Teamwork Makes the Dream Work for Two Young Entrepreneurs

At 26, Elizabeth Vazquez is far beyond her years in terms of motivation and goals. After working in the transportation industry for a few years, she quickly realized that she wanted to call herself a small business owner. Vazquez, who hails from Dallas, Texas and is a client of 1-800Accountant, proudly operates Towing & More, LLC that does business as Transport & MORE Services. She formally launched the unique home-based venture in January 2017. She has one business partner, Richard Walker. “I am starting off as a brokering company that

Read More…

IRS Reveals 2017 Dirty Dozen Tax Scams

Each and every year, the Internal Revenue Service releases a list of the “dirty dozen” tax scams the agency recommends taxpayers be on the lookout for throughout the year. That’s because scammers seem to come up with innovative tactics to bilk money out of innocent taxpayers all the time. The list also includes tax moves you should avoid making to steer clear of possible penalties and other issues. Here are the IRS dirty dozen tax scams to be aware of during the 2017 tax season and throughout the rest of

Read More…

Which Legal Fees Are Deductible?

“Lawyers are seldom loved but often needed,” according to Robert B. McCay, who was a former dean at NYU Law School.  In the course of your business, you’re likely to incur legal expenses, some of which may be modest, but some may be substantial. If you thought that all legal fees paid by your business or by you in connection with your business are deductible, you’d be wrong. Startup costs During the course of starting a business, you may incur legal fees for incorporating or forming a limited liability company, drawing up

Read More…

#TaxCreditCollection – The Saver’s Credit

If you’re like everyone else, you dream of a long and enjoyable retirement, spending time on the beach with a sweet drink in your hand and the soft sand between your toes. But it’s not all rosy if you don’t save up for your life after work. Fortunately, the IRS offers some tax breaks for certain taxpayers to save for the future so they can cherish every moment of their golden years. Part 5 of our #TaxCreditCollection Series explores the Saver’s Credit. What Is The Saver’s Credit? Originally called the

Read More…

#TaxCreditCollection – The American Opportunity Tax Credit

Education is essential to enjoy a successful career in any industry. Obtaining a degree from a college, university, or technical school can also come with a large price tag, especially for out-of-state tuition. In Part 4 of our #TaxCreditCollection Series, we dive into the American Opportunity Tax Credit, how much it can help reduce your education-related expenses, and who qualifies to claim it. What Is The American Opportunity Tax Credit? The American Opportunity Tax Credit is a partially refundable federal tax break that can be applied to the expenses incurred

Read More…