Laura Foster
Product Identify: S Corp Tax Advantages & Benefits E book – WCG CPAs
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S Corp Tax Advantages & Benefits E book – WCG CPAs is backed with a 60 Day No Questions Requested Cash Again Assure. If throughout the first 60 days of receipt you aren’t glad with Wake Up Lean™, you possibly can request a refund by sending an e mail to the handle given contained in the product and we are going to instantly refund your whole buy worth, with no questions requested.
Description:
Posted Monday, September 30, 2024
WCG CPAs & Advisors and Jason Watson, CPA, have launched the 2023-2024 Version of Taxpayer’s Complete Information to LLCs and S Corps. Over 400 pages of pure pleasure! This version has up to date 2024 knowledge resembling IRA and 401k limits together with Social Safety wage limits, nevertheless it additionally has a bunch of latest info unfold out numerous chapters resembling custom-made multi-entity buildings, expanded affordable shareholder wage sections, extra tax discount mechanics amongst numerous little tidbits gleaned from lots of of small enterprise consultations. Riveting!
How can I keep away from self-employment taxes? This easy query was the inspiration for creating an article describing the advantages of an S Company. That unique article, which was about 4 pages lengthy, rapidly turned a collection of Information Base articles on the WCG web site. The articles touched on primary subjects resembling how one can elect S Corp standing, shareholder payroll, affordable wage dedication and legal responsibility safety. These broad subjects demanded far more info, each horizontally by spanning into extra associated points, and vertically by digging deeper into the granular but riveting ranges of the tax code. Past normal S Corp advantages, our e-book will present you-
This e-book is written with the overall taxpayer in thoughts. Too many sources merely regurgitate complicated tax code with out clarification. Whereas in some circumstances tax code and court docket opinions are duplicated verbatim due to precision of the phrases, this e-book strives to clarify many technical ideas in layperson phrases with some added humor and opinions. We consider you’ll discover this e-book instructional in addition to amusing.
Every week we obtain a number of cellphone calls and emails from small enterprise house owners and different CPAs throughout the nation who’ve learn our Taxpayer’s Complete Information to LLCs and S Corps and praised the wealth of data. No matter your present scenario, whether or not you might be contemplating beginning your individual enterprise or entertaining a contracting gig, or you might be an skilled enterprise proprietor, the contents of this e-book are for you. Listed here are some testimonials to make you’re feeling higher (in fact we solely picked the nice ones… similar to referrals)-
Ronny R. says, “I loved it! Gave me tons to speak about with my CPA.“
Britt S., Esq. says, “Thanks a lot for talking with me final week! You’re superb and I drastically admire all the info you emailed me. I’m in full adoration of your e-book!”
Lisa A. says, “Detailed details about the professionals and cons of making a small enterprise. A number of nice element concerning the tax advantages and penalties. NOT a ‘dummies’ e-book – it assumes you have already got some background data.“
Brett B. says, “I learn your ‘Complete S Corp’ e-book. Wow. You blew my thoughts. I assumed I understood S Corps.”
Larry M. says, “I discovered it useful, however may have gone into a little bit extra element. There may be one fundamental approach to economize as an s corp, and how one can decide ‘how a lot you may get away with’ may have been expanded on a bit extra. In any other case, fairly good information.“
M.S. says, “Nice learn for first time self-employed corp house owners. Covers all the principle primary of taxes and caveats. Properly written and easy to know for these not nicely versed in tax regulation.“
Whereas this e-book’s origins have been primarily based on lowering self-employment taxes by means of an S Company election, it has dramatically expanded to sound enterprise recommendation from entity buildings to operational concerns to enterprise tax deductions and retirement planning.
Get pleasure from! And please ship us all feedback, hang-ups and static. This e-book is as a lot yours as it’s ours, besides the tiny royalty part- that’s ours. Cease by and we’ll purchase you a beer with the pennies.
In case you purchase our 430-page e-book and suppose that we didn’t enable you perceive small enterprise tax regulation or the advantages of S firms, tell us. We by no means need you to really feel such as you wasted your cash. In case you are prepared so as to add some insightful studying into your day, click on on one of many most well-liked codecs. Amazon is processed by Amazon, and the PDF is safely processed by ClickBank who will e mail you the PDF as an attachment.
Further sources to your perusal-
I simply received a rental, what do I do? Buying a rental property is actually difficult, however working one to construct wealth and discover tax effectivity is equally difficult. That is our second e-book. Our first e-book, Taxpayer’s Complete Information to LLCs and S Corps, was first revealed in 2014 and was well-received by small enterprise house owners and tax professionals, so we thought a e-book on rental properties and actual property investments could be equally useful. So, right here we’re with our first iteration, or the 2024-2025 version. We plan to replace yearly.
Our rental property e-book begins with entity buildings and strikes into asset administration resembling acquisition, price segregation, rental protected harbors, repairs versus enhancements, accelerated depreciation, partial asset disposition, and 1031 like-kind trade. From there we talk about numerous rental concerns like passive exercise losses, short-term rental loophole, actual property skilled standing, and materials participation together with what time counts, and what time doesn’t depend.
Lastly, the great things! Rental property tax deductions resembling journey, meals, vehicles, curiosity tracing, dwelling workplace and customary bills. Enjoyable!
WCG has a staff of actual property CPAs prepared to help you along with your rental property and actual property investments. Only a few tax professionals and CPA corporations focus on actual property to supply you stable session, tax planning together with tax discount methods, and tax return preparation. We’re consultants in-
This e-book is written with the overall rental property in thoughts. Too many sources let you know the overall rule however don’t trouble to again it up with Inside Income Code, Treasury Rules and Tax Courtroom circumstances. Our e-book lays all of it out, explains the insanity, provides some humor and numerous conundrums.
Get pleasure from! And please ship us all feedback, hang-ups and static. This e-book is as a lot yours as it’s ours, besides the tiny royalty part- that’s ours. Cease by and we’ll purchase you a beer with the pennies.
In case you purchase our 320-page e-book and suppose that we didn’t enable you perceive rental property tax legal guidelines, tell us. We by no means need you to really feel such as you wasted your cash. In case you are prepared so as to add some insightful studying into your day, click on on one of many most well-liked codecs. Amazon is processed by Amazon, and the PDF is safely processed by ClickBank who will e mail you the PDF as an attachment.
Further sources to your perusal-
WCG CPAs & Advisors makes a speciality of small companies who typically have fewer than 25 workers. Why? We need to assist folks, and extra importantly we need to assist the enterprise proprietor instantly. Frankly talking, as soon as a enterprise will get to a sure dimension administration layers get in the best way of proprietor entry. Entry permits us to make sure the proprietor(s) are leveraging essentially the most out of their enterprise for themselves and their households.
As a result of small enterprise is a core competency for us, we’ve created enterprise advisory service plans which embrace these actually cool things-
Charges Up to date! Our Enterprise Advisory and Tax Patrol Service charges have been up to date August 2024, and we often maintain charges for at the very least two years (or by means of December 31, 2026) until inflation skyrockets again to 9%.
We even have Tax Patrol! It is a fantastic tax service for individuals who don’t want all of the enterprise advisory bells and whistles above, however on occasion need some love from an skilled tax marketing consultant and enterprise advisor. Have a fast tax query? Have to know the depreciation guidelines as you purchase that new automobile? Questioning what your April tax invoice goes to be in August? Tax Patrol is like ski patrol… you won’t use it, however you sleep higher figuring out you could have it.
Actual Property Traders! We even have Investor Patrol Providers for our real-estate minded shoppers who’re constructing an empire and want tax return preparation, tax planning and complete rental property associated tax help.
Yeah, all of us dislike the little asterisk. The gotcha! The superb print! Properly, right here is a type of conditions. Professional-active and Professional-active Biz Tax Planning are totally different. Professional-active tax planning is proscribed (for people and households) and doesn’t embrace business-entity tax planning and funds (California’s Franchise Tax, New Jersey’s BAIT, Portland’s total insanity, NYC, and so on.), pass-through entity tax (PTET) calculations and funds, amongst different issues. Not each enterprise entity wants separate tax planning! Texas, No. California, Sure. Please see our Tax Planning Providers web page and Grasp Service Settlement for extra info.
Our Telluride Enterprise Advisory plan consists of the pro-active enterprise tax planning plus interfacing with lenders, attorneys and monetary planners.
Quarterly monetary statements evaluation is an add-on service, nonetheless it’s included robotically should you use our accounting companies.
Listed here are some quickie FAQs to study extra about WCG CPAs & Advisors, and the way we do business-
Nope. We’ve a t-shirt that reads, “Hate extensions. Love our summers.” We file 70% of our tax returns by April 15, and solely prolong per the shopper’s request or if there’s lacking knowledge resembling a rogue Okay-1. We’ll go as rapidly as you allow us to! Additionally, we don’t have A listers… we put together tax returns in first-in first-out sequence. Certain, we depart room for emergencies or different points that enable for leaping the road.
Good query! Our Enterprise Advisory Service plans (Vail, Telluride and Aspen) are extra advisory ahead like a strong old style with a number of planning, tax discount methods and enterprise session that can assist you make selections. Our Tax Patrol Providers (Keystone, Copper and Breck) are extra tax preparation ahead like a refreshing vodka-lemonade with much less tax planning, or at the very least less-intensive planning and session.
Investor Patrol Providers for our rental property house owners and traders is someplace in-between since actual property is a enterprise like another requiring extra planning, technique and session however falls in need of needing shareholder payroll planning and processing.
As much as you! Up to now, we might pro-actively schedule quarterly conferences with all Enterprise Advisory and Tax Patrol shoppers, nevertheless it was cumbersome for everybody. At this time, we typically join at the very least 3 occasions a 12 months in a significant approach. As soon as for tax return preparation, as soon as for tax planning after which one other for a myriad of causes (“hey, I’m shopping for a automobile” or “hey, we bought a rental”). That is all back-filled with emailed correspondence and touch-ups all year long. Having mentioned that, with routine session provided above, your aim is to extract every thing you want from us.
We desire scheduled conferences over Groups. Try our CPA Concierge Service as nicely. Precedence boarding. HOV lane. Early check-in.
We rely closely on emails and textual content message alerts. Nonetheless, we should not have an allergy to the phone. Throughout pleasant hours (let’s say 8AM to 7PM together with weekends) we are going to often name first if we’ve a query or want clarification. We’re dedicated to responding to your e mail inside 3 enterprise days.
To get work chores performed, the tax staff responds to emails on Mondays and Thursdays solely (what we name our “comms” days). Different groups resembling payroll and accounting have related e mail cadences.
Have an emergency or want a solution sooner? Name us! A lot might be performed in brief order with a cellphone name (please take into account that scheduled conferences continues to be superb to make sure availability and readiness).
For tax, we’ve two-person groups so there’s all the time a backup. Groups are assigned primarily based on who first spoke with you, bandwidth and material experience. We even have accounting, payroll and enterprise formation / governance. As such, you might need 4 folks you’re employed with. Yay! The 2 tax peeps, and if relevant, a payroll peep and an accounting peep (in case you are utilizing our Accounting Providers staff for bookkeeping + evaluation). We even have devoted Shopper Assist and Tax Assist groups to… nicely… help you and the opposite groups.
The next are extra enterprise companies to get your enterprise launched and on the best way. A few of these are teased out individually as one and performed charges like formation and onboarding stuff.
Positive Print: Beginning accounting service charges are primarily based on 2 financial institution accounts (one checking account and one bank card is 2 accounts) with lower than 250 month-to-month transactions. Our charge doesn’t embrace the QBO subscription charge from Intuit. Customized quote is out there when you have loads happening resembling third-party integrations (POS, time billing system), accrual accounting technique, in depth advantages packages and / or trade particular points (e.g, job costing in development). Step one for Accounting Providers is to do an accounting evaluation with one among our consultants to find out scope, service stage and supreme charge (see button beneath).
Even Finer Print: Worker payroll might be added provided that already utilizing our Enterprise Advisory Service plans above (e.g, Vail). Customized quote for greater than 15 workers and a referral to remedy or a script for Excedrin.
Our entity relocation package deal consists of closing your present payroll accounts, opening shiny new ones, shifting your entity with the Secretary of State (if relevant) and updating addresses as obligatory.
Talking of handle modifications… these are robust. Primary handle modifications require IRS, State Division of Income and Secretary of State notifications. Tackle modifications that embrace payroll add one other stage of complexity since departments of income aren’t the identical as departments of labor, and there could be native or municipal businesses as nicely.
We make little or no earnings on payroll processing… we provide it as a comfort to our shoppers. One throat to choke with a single name might be reassuring however if you wish to run your payroll, go for it! Everybody thinks payroll is a bit of cake; write a test and performed. Nope… we see a number of errors being made by small enterprise house owners particularly the dealing with of self-employed medical insurance and HSA contributions since there are particular guidelines for higher than 2% S Corp shareholders. Then once more, we don’t thoughts fixing what was damaged.
You’ll be able to put together your individual particular person tax return as nicely… however the profit WCG making ready each particular person and enterprise tax returns is that may we slide issues round relying on revenue limitations, phaseouts, various minimal tax (AMT), Part 199A deduction optimization, pass-through entity tax deductions (PTET), and so on. Having our arms round each worlds can yield some good tax financial savings!
Observe: A person tax return is what the IRS calls Kind 1040 and refers back to the entity submitting the tax return (you, the person, are the entity). Nonetheless, a married couple are deemed to be one entity for the sake of a person tax return. So, after we say we are going to put together your particular person tax return, it’s meant to incorporate your partner in a collectively filed completely satisfied completely satisfied pleasure pleasure tax return.
This doesn’t issue within the decrease audit price of S Corps versus Schedule C actions, plus the power to make use of enterprise funds to pay to your state revenue taxes in any other case often known as the Move-Via Entity Tax Deduction (PTET) or the nice SALT workaround.
We’re not salespeople. We’re not placing lipstick on a pig, and making an attempt to persuade you to find it irresistible, even when Tom Ford’s Wild Ginger seems superb. Our job stays being professionally indifferent, supplying you with info and letting you resolve.
Furthermore, many CPAs and tax professionals thrust their threat aversion onto their shoppers. That is unhealthy. At WCG CPAs & Advisors we should carry out our due diligence and hurdle our moral {and professional} requirements. Nonetheless, after these gymnastics we current a risk-based evaluation to the tax return and allow you to, the shopper and taxpayer, resolve how one can proceed. Having mentioned that, we don’t entertain tax scammers or those that can take down the ship. Arthur Anderson anybody? No thanks.
We additionally see far too many loopy schemes and half-baked concepts from attorneys and wealth managers. In some circumstances, they’re good concepts. Usually, all of the entities, layering and combined possession is barely the phantasm of precision. Simply because you possibly can complicate the crap out of your life doesn’t imply you need to. Identical to Chris Rock says, simply because you possibly can drive your automobile along with your toes doesn’t make it a good suggestion.
Here’s a temporary abstract of the subsequent steps do you have to need to interact WCG with Enterprise Advisory Providers or Tax Patrol-
1. We schedule an appointment to debate your wants and be sure that we’ve the right sources that can assist you.
2. We draft a proposal outlining the scope of companies and our fastened annual charge.
3. If obligatory, we schedule one other appointment to evaluation the proposal and maybe tighten issues up or make modifications.
4. As soon as the proposal is signed, the enjoyable begins with onboarding. We’ve an in depth guidelines and inside activity listing to correctly onboard you and your online business. Some issues are concurrent (resembling gathering housekeeping docs and establishing payroll) and a few issues are sequential (for instance, accumulating monetary knowledge after which providing wage suggestions and making a tax plan). Onboarding is like having a child; a SWAT staff reveals up and does a zillion issues, and poof, everyone seems to be gone aside from mother and child.
5. After onboarding (often 4-6 weeks), issues calm down right into a rhythm- Tax preparation within the spring, tax planning in the summertime, with payroll and routine session bouncing alongside all year long.
As talked about elsewhere we primarily deal with small enterprise house owners and their distinctive session and tax preparation wants. With over 60 full-time session professionals together with Licensed Public Accountants, Enrolled Brokers and Licensed Monetary Planners in your staff, WCG CPAs & Advisors consults on customized enterprise buildings, a number of entity preparations, S corp elections (even late S corp elections again to January), tax methods, enterprise teaching, trade evaluation, government advantages, retirement planning together with particular person 401k plans, exit methods, enterprise valuations, revenue tax planning and modeling, and tax illustration.
We additionally work with enterprise regulation attorneys for enterprise house owners who’ve extra wants resembling drafting Working Agreements, charge for service contracts, shopping for or promoting a enterprise together with worker inventory possession plans and accomplice buy-ins. As well as, WCG coordinates with third get together plan directors create age-based revenue sharing plans and money steadiness (outlined profit) plans. We will run level on no matter your online business wants to make sure that communication is efficient and environment friendly permitting you to promote widgets.
Listed here are some extra sources you may discover helpful.
WCG CPAs & Advisors is a full-service but boutique progressive tax, accounting and enterprise session agency positioned in Colorado serving shoppers worldwide.
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All orders are protected by SSL encryption – the best trade commonplace for on-line safety from trusted distributors.
S Corp Tax Advantages & Benefits E book – WCG CPAs is backed with a 60 Day No Questions Requested Cash Again Assure. If throughout the first 60 days of receipt you aren’t glad with Wake Up Lean™, you possibly can request a refund by sending an e mail to the handle given contained in the product and we are going to instantly refund your whole buy worth, with no questions requested.
