Skip to main content

Notice to LLC Owners

Good Paperwork Could Save Your MoneyA Timely Notice to Owners of Limited Liability Companies – Especially Those With Only One Member

Under the limited liability company statutes, multi-member limited liability companies provide limited liability for the members and managers of the company. However, single member limited liability companies do not automatically provide limited liability. Limited liability for single member limited liability companies is a facts and circumstances issue. Limited liability is more likely to be upheld if the LLC has proper structure of set-up and adequate evidence and records to verify that the company was properly operated under the limited liability company umbrella.

Read more …

The IRS Wants More of Your Money!

Trying to keep more of your moneyThe Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

  • Over the past several years the IRS has addedmany new forms to track your financial activities.
  • Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
  • IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
  • Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

Read more …

Tax Planning Workbook - 2021 and Beyond

Tax Planning Workbook for 2018 and Beyond for Your Business NetThis workbook is a hands on process. Our intent is to show you the process of producing a tax plan for your business.

Tax Planning is to make you aware of:

  • Some of the many tactics allowed by tax law.
  • Ways you can maneuver business activities to bring taxes down both business and personal.
  • The process of developing a tax plan.

Getting started:

You will need your business’ financial statements year to date. These statements then need to be projected to the end of this calendar year.

Read more …