As a small business owner you have several retirement plan options to consider, each with its own benefits and requirements. The tax savings associated with a S-Corp make it a popular choice among entrepreneurs and the self-employed. A recent study showed that 20 percent of Americans over 50 have no retirement savings at all. It’s […] The post Retirement Plans for S Corp Owners appeared first on Get Help Tax ..read more

One of the states that exempt S Corp businesses from paying corporate income tax at the state level is North Carolina. In other words, S corporations are not subject to income tax in North Carolina. The shareholders, who disclose the information on their individual tax returns, receive the corporation’s income, deductions, and credits instead. Who […] The post Are North Carolina S Corporations Taxed? appeared first on Get Help Tax ..read more

The IRS processed more than 271 million tax returns in 2023. That’s a lot of returns.  Sometimes those returns get processed right away and other times it takes a while. The IRS has a section on its website where you can check the status of your tax return and see if there is a balance due on your account. This is true for individual or business tax returns. In order to do this, you first need to create an online account. The IRS uses ID.me to set up taxpayer accounts. To create an ID.me account you will need to first verify your identity. This can be done by taking a photo with your gov ..read more

Yonkers is the third largest city in New York State. Located in Westchester County it is conveniently located just 17 miles from Manhattan. If you work in Yonkers, NY, you may have to pay additional income tax. Yonkers has its own income tax system separate from New York State and New York City. Yonkers residents and non-residents who work in Yonkers are subject to the Yonkers Resident Income Tax or the Yonkers Nonresident Income Tax, respectively. In fact, the NY individual income tax return directly asks whether you lived in Yonkers during the year. Tax rates vary depending on your income ..read more

If you sell goods or services in Westchester County you will be required in most cases to collect. Sales tax provides state and local municipalities with funding for schools, maintenance projects and other government programs. A business owner in White Plains, NY will have to collect an additional 8.375% for tax. This tax is the sum of: 4% to New York State 1.5% to Westchester County 2.5% to White Plains 0.375% for Metropolitan Transportation Authority However, before you start your business you will need to register with NY State to collect sales tax at least 20 days in advance. Once regi ..read more

One of the documents used to determine someone’s true tax situation is the IRS tax transcript. When you owe money to the IRS it is not uncommon for them to send a variety of letters explaining your tax situation. The longer the tax goes unpaid the more threatening the letters seem to become. These letters should not be ignored as they contain important instructions and deadlines that should not be overlooked. An IRS tax transcript helps you determine what the best course of action is when you owe money to the IRS. It also shows you the amount of tax you have paid in previous years and your in ..read more

It’s surprising the number of people who want to know if they can deduct their Starbucks orders on their taxes. For this reason we want to answer that question and educate you on the IRS rules. The tax code allows you to deduct 50% of the cost of meals (including that Starbucks coffee), if it is considered a business meal. In other words the meeting should be for business purposes. One other requirement to deduct business meals on your taxes is that the cost cannot be lavish or extravagant (which shouldn’t be an issue with most Starbucks orders). The general rule of thumb is that the IRS w ..read more

When should I set up my business as an S-Corp. It’s a common question and something that you should take careful thought before doing. There are benefits to setting up your business as an S-Corp but sometimes the rules and responsibilities may outweigh the benefits. We will discuss the pros and cons here so you can decide whether an S-Corp is right for you. An S-Corp is a tax structure that may allow a business owner to save on Social Security and Medicare taxes. Social Security and Medicare account for 15.3%. The employer pays half and employee pays the other half. How Do I Become an S-Cor ..read more

For the S-Corp business owner it is smart idea to consider setting up a retirement plan such as a 401k. If you want to attract the best employees you need to offer a competitive compensation package. This not only includes a salary but a benefits package as well. It’s great when the IRS allows an S-Corp small businesses to offer their employees a benefit and still receive a tax deduction. The credit for small employer pension plan start-up costs does just that. It covers two types of expenses: retirement plan set up costs and employer contributions. Let’s walk through what is available and h ..read more

Are you an S-Corp shareholder? Are you looking to start a new S-Corp or perhaps purchase one? If you answered yes to any of those questions take a few minutes to read this article to find out how the new Beneficial Ownership Information requirements will impact you. Big brother has always been watching but now he wants to zoom in a little bit closer. The U.S. government has made national security a priority and this includes fighting money laundering and tax cheats. Effective January 1, 2024 the Corporate Transparency Act requires certain reporting companies to disclose their key owners by fi ..read more