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LLC and Taxes

Questionable Deductions

reThis article is written by Ben Rucker, a former special IRS auditor.  The video, of course, is of Lee Phillips. #21 on Lee’s formalities checklist is “Do you have a resolution documenting the business purposes for any questionable deductions?” Large, Unusual, or Questionable deductions (LUQs) on your […]

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Capitalization vs Repair Expense

You may have heard that it is better for rental property expenses to be classified as a repair rather than an improvement. This is because repairs are deductible in the year their cost was incurred, while improvements must be prorated over the life of the asset. Often […]

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When Does A Single Member LLC Need a Tax ID Number?

I continually get folks calling me for advice because they have established a single member (one owner) LLC and want to open a bank account. The bank is insisting that they have an EIN (Employer Identification Number) before the bank will let them open the account. When […]

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Plan For Taxes All Year

Taxes have just poked a hole in your wallet.  It’s time to plan for the next round and resolve to make the hole smaller next year.  To do that, you’ve got to prepare the numbers all year long so your tax dude can plug them into the […]

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How to Save Tax Receipts

By the time the IRS gets around to auditing you, the information on those paper receipts you’ve been keeping in multiple bulky envelopes may have faded away into nothing.  This is not very effective.  So how should you save tax receipts to make the IRS happy? According […]

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What About the LLC Tax Election?

The decision on how what LLC tax election to make is one you should make with the advice and help of an accountant. Ultimately it is a financial decision that should take into consideration what your business is and how it makes money.

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Taxation of an LLC

If you neglect to choose a tax structure for your LLC, the IRS will choose one that may not be in your best interest.

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How an LLC is Taxed

How an LLC is taxed is a complicated question. This is because an LLC doesn’t have a unique “tax structure” under the IRS code. Corporations and partnerships have their own tax structures, but an LLC does not. An LLC is not a partnership or a corporation. An […]

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LLC vs S Corp

LLC vs S Corp? Which should you chose if you are starting a business? You have probably heard of both types of entities, but you may not know much about either. The LLC stands for Limited Liability Company. The S Corp stands for a type of Corporation. […]

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Alternative Minimum Tax (AMT) Becoming Critical Tax Issue

The alternative minimum tax or AMT as it is called, is raising an ugly head that should scare many middle income Americans to death. In 2011 you didn’t have to worry about the AMT until you had an AGI of about $75,000 (married couple filing jointly). In 2012 the AMT will get you as soon as you hit $45,000.

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