In Business & Profiting in Midcoast Maine
business law tips from Camden Maine business lawyer
“because your business is your estate”
To help answer common questions about the 2020 tax season, we’ve created a tax “cheat sheet.
Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code.
Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC’s flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed. The LLC enjoys this flexibility because the Internal Revenue Service (IRS) does not recognize it as a distinct entity for federal tax purposes
For most entrepreneurs, handling business taxes is a daunting but necessary task. The complexities of tax preparation often lead business owners to procrastinate or neglect proper record keeping and tax deadlines.
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If you are one of the many owners of a home-based small business, you should consider whether your home office meets the IRS requirements for the home office deduction, which is a sometimes overlooked way to reduce taxes.
The IRS does not require a specific type of record keeping system. Rather, you must simply use one that clearly shows your income and expenses.
Figuring out a business’s responsibility for collecting and remitting sales tax can be quite confusing for many business owners, especially those who are just starting a new business. If you make a mistake or fail to remit sales tax on time, your business could be subject to large fines or even lose the right to do business in a state.
You have invested a lot in making your business a success, and it is hard to think about relinquishing ownership or control of it. Nevertheless, planning is critical in creating a lasting legacy for your family. We can help you put a plan in place that helps you successfully pass your business on to the next generation and ensures that you have a financially secure retirement
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