Can I Borrow Money From My S Corporation?
It’s typical for business owners to seek to get capital out of their businesses with as little tax effect as possible. In the context of an S corporation, this often looks like a shareholder-employee...
View ArticleLLC Taxed As S Corp: How To Make the Election + One BIG MISTAKE to Avoid!
Electing for your business to be taxed as an S corporation may offer you tax savings on Social Security and Medicare taxes. Perhaps the easiest way for a new business to be taxed as an S corporation is...
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Rental Property Depreciation: How to Depreciate Rental Property
Rental property depreciation can seem confusing at first because unlike depreciating one single asset — such as a car — rental property could theoretically be split up into several different assets,...
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EDD Benefit Audit: How I Completed My EDD Audit As a CPA
In early September 2022, I received an envelope from the California Employment Development Department (EDD) with these words on the front: BENEFIT AUDIT ENCLOSED. Oh, great — this is just what I needed...
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Do LLCs Get 1099s? What About SMLLCs and LLC S Corps?
If you have your own business, and you don’t have a corporation, you probably either have an LLC or have considered forming one. While forming an LLC can give a more professional appearance to your...
View ArticleComparing the Pros and Cons of a Limited Liability Company (LLC)
Over twenty million startups and small businesses in the US are registered as LLCs. Most owners cite the hybrid structure and flexibility as the main reason to choose an LLC over a partnership or sole...
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How Much Does an EIN Cost? (All You Need to Know)
Getting accurate information should be your main priority when setting up a new business. That’s why you shouldn’t trust sources that claim the cost for EIN is high because the IRS offers this service...
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What to Do If a Contractor Refuses to Give a W-9?
Outsourcing work to independent contractors has a myriad of advantages, but what should you do if a contractor refuses to fill out Form W-9? The IRS has guidelines you can follow to protect your...
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What is 1099 for Foreign Contractors? (All You Need to Know)
Remote work is becoming a norm as more and more companies choose to work with contractors who currently don’t live in the United States. It’s important to remember that the term 1099 foreign worker...
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