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Posts Tagged ‘Sole Proprietorship’
How to Form an LLC and Protect Your Assets
A Sole-Proprietorship
Many self-employed people will run their business as a sole-proprietorship. They are very easy to set up and cost very little to form.
First, decide on a name. For example, John Jones D/B/A (Doing Business As) Prime Time Painters. Then register your name with Town Hall. Get some business cards, letterhead and stationary. You are now well on your way.
5 Easy Steps to File Your 1099′s….Guaranteed
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
1) Determine who you will be Required to File a 1099 For
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End
There are a host of reasons small business owners should meet with their CPA. Here are 6 of them:
1) Method of Accounting
Smaller business can usually file their tax returns on the cash basis of accounting. The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting. The accrual basis matches the … Continue reading »
How (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA?
The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free. Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or … Continue reading »
4 Reasons All Employers Should Offer a Roth 401(k) Plan
1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA
Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for a total of $6,000. To contribute to a Roth IRA you need to have earned income at least up to the amount of the contribution. … Continue reading »
