Tag Archives: LLC


LLC Tax Filing Rules — Small Business Tax Tip

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Immediately after you create a Limited Liability Company, or LLC, the IRS automatically treats your business as a partnership, but only for income tax purposes. LLCs that are subject to the partnership tax rules are not responsible for actually paying the tax on business earnings, but are responsible for preparing annual partnership tax returns on […]

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The S Corporation — 60 Second Business Tip

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An S Corporation is a tax election made with the IRS that allows a business to be taxed like a sole proprietor or partnership. It’s often referred to as a ‘pass-through’ entity since the corporate profits and losses are passed through and reported on the personal income tax returns of its shareholders. Taking the S […]

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Expanding Your Home Based Business — 60 Second Business Tip

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Running a home based business has numerous advantages for many business models, and for businesses of different ages. But how do you make a seamless and cost effective transition from a home based business to a professional office space? If you are considering a commercial property lease, make sure you have a clear sense of […]

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Reducing Your Self-Employment Taxes — Small Business Tax Tip

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If you’re self-employed, you’ll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. Whether you’re self-employed or an employee, you’ll have to pay Social […]

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Basic Bookkeeping — 60 Second Business Tip

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To succeed in business, one of your most important tools is financial analysis, based on your business records. Accurate financial records will help you answer some very important questions. Are you making money, or losing it? How much? Is your business on sound financial ground, or are troubles lurking ahead? A sound bookkeeping system is […]

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