Love Your Business this Valentines Day!

As Valentine’s Day approaches, let MyCorporation help you give your business the love and attention it deserves. Let Mycorp help you love your business! On February 14th, MyCorp is offering a FREE corporation or LLC from 7am to 7pm in honor of “Love Your Business Day.” In addition, MyCorporation also offers all the products your business needs – free Quickbooks, business cards and a domain name!

On February 14th, love your business by incorporating or forming an LLC to save on taxes and protect your personal assets. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk. What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own. Continue reading

Maintain Your Business: Common Tax Deductions

January is winding down meaning that tax season is officially upon us. Gone are the carefree days of the holiday season and now the inevitability of taxes is looming ahead. Don’t lose heart though! Paying taxes is a requirement but paying too much in taxes is not. 2011 presents new opportunities to excel at preparing your taxes by using the allowable deductions to your advantage. Here are five of the most commonly missed tax deductions. Learn them. Love them. Use them on your tax return this year. Continue reading

Thinking About Next Tax Season

Now that taxes are done for 2009, you may want to just put it all behind you and not worry about it again until next year.  However, tax savings are a year-round opportunity.  Businesses should work to maximize tax savings all year long so that next tax season is a good one.

There’s no time like the present to think about saving on taxes. Business tax deductions you should consider include the following:

  • Auto expenses
  • Expenses of going into business
  • Education expenses related to business or trade
  • Legal & professional fees
  • Business entertaining & travel
  • New equipment & software

The IRS states that any “ordinary and necessary” business expenses can be subtracted from your business income prior to being to taxed. The general rule is that as long as the expense is made for business (not personal) purposes, you can deduct it from your business income.

To ensure that you don’t miss large deductions that could save you a great deal of money, it is wise to consult with an income tax professional.  If you require professional assistance, we’re pleased to connect you with our network of professionals.  Click here to submit your request and you will be connected with CPAs in your area.

S-Corp Election’s: What you need to know

The deadline to elect S-Corporation status from the federal government is
March 16, 2009. Now is the time to consider whether your corporation or LLC should make this tax election.
What is an S-Corporation? What are the benefits?
An S-Corporation starts out as a C-corporation or LLC. Choosing S-Corporation taxation avoids traditional “double-taxation” for corporations by allowing profits to “pass-through” and be reported on shareholder’s individual tax returns. LLCs can benefit from being taxed as an S-Corporation by reducing self-employment taxes on salaries paid to the owner(s). Continue reading