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The Difference Between a C Corporation and a Subchapter S Corporation

Posted in Tax News on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. 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.…

Tagged with: Amortization, asset purchase, Asset Purchase Agreement, Business Owner, C Corporation, Corporation, Depreciation, Double Tax, employer fringe benefit, Flow Through, form k-1, Form W-2, fringe benefit, Health Care Premium, Income Tax, individual income tax, long term care, long term care premiums, S Corporation, S Election, Stock Purchase Agreement, Stock Sale, Stockholders, Sub S, Subchapter S Corporation, Subchapter S Election, Tax Free Fringe Benefit, Tax Return, tax year end, W-2

3 Proven Reasons a Connecticut Business Owner Should Elect Subchapter S

Posted in Tax News on September 29, 2013

Business owners of corporations will by default have a “C” Corporation. If they are eligible and they elect, they could be a Subchapter S (“Sub S”) corporation. An eligible Sub S corporation meets the following…

Tagged with: Asset Sale, Business Owner, C Corporation, Connecticut Business Owner, Connecticut Business Owners, double taxation, Estates, Form 2553, Income Tax, Internal Revenue Service, IRS, Medicare Tax, Reasonable Compensation, S Corporation, Shareholders, Social Security Tax, Stock Sale, Sub S, Subchapter S Corporation, Trusts

Why Some Small Businesses Should NOT be an LLC

Posted in Small Business on June 9, 2013

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity. If there is only one member (owner) then setting up these entities has become a breeze. Just go online, fill out some forms, pay the registration…

Tagged with: C Corporation, Connecticut Department of labor, Connecticut Taxpayers, corporate tax return, Corporation, Estimated Tax, Form 1040, Form 1040-ES, Form 1120, form 1120-S, form 940, Form 941, Form CT-1040-ES, Form W-2, Form W-3, Income Tax, Limited Liability Company, LLC, Payroll Tax, S Corporation, Schedule C, Single Member LLC, Sole Proprietor, Subchapter S Corporation, Workers Compensation

6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

Posted in Tax News on December 17, 2012

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…

Tagged with: Accelerated Deprection, accrual basis, Bonus, C Corporation, Cash Basis, CPA, Estimated Taxes, Income Tax, Income Tax Penalty, income tax planning, Limited Liability Company, LLC, Partnership, Profit Sharing Plan, retirement plan, S Corporation, S Election, Section 179, SEP, SIMPLE Plan, Simplified Employee Pension, Sole Proprietorship, Stockholder, Subchapter S Election, Tax Penalty, Withholding, Year- End Tax Planning

The Biggest Loser….The Self-Employed in Connecticut

Posted in Tax News on March 20, 2012

The Biggest Loser is a TV show where contestants attempt to lose the most weight for cash prizes. Full Disclosure: I don’t watch the show and I have only seen short clips of it. I don’t proclaim to fully understand…

Tagged with: C Corporation, CHET, Connecticut, Connecticut Higher Education Trust, Connecticut Income Tax, Connecticut Self-Employed, CT, Income Tax, Incorporting, Internal Revenue Service, ira, IRS, Limited Liability Company, LLC, Partnership, S Corporation, S Election, Self-Employed, SEP, Simplified Employee Pension, Social Security Tax, Sole Proprietor, Sub S Election, Subchapter S Election, Taxpayer, The Biggest Loser

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