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Posts Tagged ‘Subchapter S Corporation’
Where’s My K-1?
This question is asked frequently during tax season.
I suspect it will be asked even more this tax season.
There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which … Continue reading »
Why The New Medicare Tax May Cost You More Money
Current Medicare Tax
Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to the government. A self-employed individual is considered to be both the employer and employee and therefore currently pays 2.9% Medicare Tax.
The Difference Between a C Corporation and a Subchapter S Corporation
Business owners can maintain their corporation as a regular or "C" Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:
C Corporation
While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any … Continue reading »
The Difference Between an LLC and a Subchapter S Corporation
Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation. Here are the differences:
Why Every Week is "Shark Week" for the Self-Employed in Connecticut
This is "Shark Week" on the Discovery Channel. We are (not so gently) reminded not to swim with the sharks.
For the self-employed in Connecticut, every week is "Shark Week". A self-employed person is someone who runs their business as one of the following entities:
