Recent Posts by EVELYN IVY

People often get confused about the S corporation election status. Most people think S corporation is another form of legal entity. S Corporation is a tax election and not a legal entity. As an S Corporation your legal entity could be that of a LLC or a C Corporation. LLCs or corporations choose to make the S election for 2 main reasons namely: Avoid the double taxation treatment on distributions. A

A fringe benefit is a form of pay for providing a service. For example using your company car for personal errands is a form of fringe benefit. Any fringe benefit is taxable unless it is specifically excluded by the law. Taxable fringe benefits must be included in wages and reported on the W-2. This article discusses some fringe benefits excluded by the law. Health benefits The cost of providing group

A mutual fund is a company that pools money from individual investors to build an investment portfolio of stocks, bonds, money market funds, etc. Many people at one point of their lives have invested in mutual funds. As the owner of a mutual fund you are taxed when you sell your mutual fund share and when the mutual fund sends your share of profits or interest from the funds. Your

There is a pattern to creating wealth, most people randomly do stuff without actually taking time to put together a real plan. The 4 phases of building your wealth cycle are survival, accumulation, investing, financial sophistication/ freedom. Survival This is the phase where you work to meet your 3 basic needs. There are 3 basic needs: food, clothing and shelter. We all work to meet these 3 basic needs. However, we have learned to

Proverbs 14: 23 those who work hard make a profit, but those who only talk will be poor.   Everyone wants to productive and wants to build wealth. No one likes to be stagnant. One of the things that kills the human spirit, is that we look back to see that we have not really done much with our lives. This realization can bring about depression. The Wealth Cycle So what is