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 taxable income reported. more…

Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation.  Here are the differences:

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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: more…

The health care reform legislation that was recently enacted includes new taxes, but there are also some tax breaks available to help small businesses pay for health insurance.  Two of the changes getting a lot of attention: a tax credit available to small businesses that offer health care coverage to employees, and a tax to penalize employers who do not offer coverage.

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Does your child need a job this summer?  Do you own a business and need some summertime help?  If so, consider hiring your child.  There may be some exceptional tax benefits for you.  If you own an unincorporated business and you employ your child under age 18, their wages are not subject to social security taxes. more…