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As a Certified Public Accountant I often encounter the question should I become a s-corporation or LLC? What are the advantages of LLC? Even though I understand why people ask the LLC or S Corp question, I realize the information is based on incomplete knowledge. You can be a straight s-corporation or a LLC taxed as a s-corporation. Which one is most beneficial depends on your unique situation. S Corporation

Accounting for income taxes simply means the system of organizing financial data for tax purposes within a tax year. A tax year is the period for which you keep your books and report your income and expenses. Most tax returns cover a calendar year (January 1st-December 31). You choose your accounting period when you file your first income tax return. You must file a form 1128 to request the IRS approval to

Anyone living in the 21st century has noticed the world is becoming smaller. Just take a look at your social media profile and you will see you have connections from all parts of the world. Today it is very easy to reach out to anyone in most parts of the world. As multinational cultures become more interconnected, there is now a need for skills that were never thought of ten

Every year, Americans file taxes in hopes of getting money back from Uncle Sam. One area that affects all tax payers is whether to take the standard or itemized deduction. Standard deduction Standard deduction is pre-determined amount that is deducted from your adjusted gross income. The amount you are eligible to take is largely dependent on your filing status. In 2013, the standard deduction was as follows: Single or married filing

So you want to build a business and do not know where to start. Consulting is a great place to start. A consultant is one with special area of expertise and for a fee offers these skills to other individuals or organizations. Unlike employees, consultants work on short term projects on a contract basis. Due to the short term duration of most project, consultants have to be consistent in their