LLC

Legalized Marijuana and Federal Law

Nearly half of the states (including Pennsylvania) and the District of Columbia have legalized the sale of marijuana.  Mostly for medicinal purposes, but a few states have permitted it for recreational use. Unfortunately, these states have caused business owners some trouble and confusion at the federal level.  Under federal law, marijuana is still considered an [...]

Benefits of Hiring Your Kids

If your business operates as a sole proprietorship, single-member LLC or husband-and-wife-owned LLC partnership, you can take advantage of some big tax savings by hiring your kids! There are some tax savings available to C and S Corporation owners, but not nearly as much as the other business entities. Normally, when a business sets up [...]

PA Tax Amnesty Letters Confuse PA Business Owners

The majority of our Pennsylvania-based business clients have received a letter from the Pennsylvania Department of Revenue discussing outstanding tax liabilities and the new 2017 Pennsylvania Tax Amnesty Program. We sent out a message about the tax amnesty program last week. Here is a sample of the letter: Our understanding is that this letter, or [...]

1099-MISC Income

If you are an independent contractor or self-employed you should receive a 1099-MISC from every client who pays you $600 or more during the year. You'll receive the forms by the end of January. Even if you earned less than $600, you still should report any gross income earned on your income tax return. The income [...]

Business Owner Year-end Checklist

Even though tax preparation season doesn't start until January or February, tax planning season is well under way.  If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]

December 14, 2016|Businesses, Tax Advice|