Feel free to visit my website at http://www.davidasnydercpa.com and call me at 928-445-0104 x9 with any business or tax issues. It has been an excellent start to the new year and I want to thank all clients and all future clients. I hope everyone has a lucrative and fulfilling 2017. Remember if you or someone you know needs any type of tax return, an audit, review or compilation or you are about to retire or change your vocation or expand and need a business valuation; please see me so that I can do those engagements for you. Here are some basic tax tips for 2017:
One of the first questions every small-business owner must consider is whether to operate as a sole proprietorship or as a corporate entity. Operating as a sole proprietor costs no money because you don’t have to pay to create corporate documents and tax returns. Whether you should continue to operate as a sole proprietor, however, depends on your business and personal risk tolerance.
I often talk to clients about setting up the correct legal structure for their startup company or when they are trying to change the sole proprietorship they own. They hear the term LLC (Limited Liability Company) and do not understand what an LLC is and not the way to be taxed. An LLC can be taxed 4 ways: S-Corporation, C-Corporation, Partnership and a Disregarded Entity (a Schedule C on your personal tax return). There are reasons for each, for example it is better to have property in a partnership or Family Limited Partnership (FLP) due to some inherent protections for that property. A lot of S-Corporations are used as operating companies, meaning you run your business as an S-Corporation, which creates a k-1 that flows to your personal return and is not taxed at the entity level. A C-Corporation can be filed as a management company, meaning the spouse can run the C-Corporation. This entity is taxed at the entity level, so it is subject to double taxation.
Keep in mind that we have a paralegal on staff as well as tax attorneys that can explain these entities in more detail. I am part of a group that can helped you with all your tax and accounting needs. We have bookkeepers that do payroll, tax preparers like me who can produce all types of tax returns (personal, Corporate, Partnership, Non-profit, Trust, etc). I can also be your professional Controller, Business Valuator, Auditor (as well as Review and Compilations) and general accounting problem solver. And lastly we have Tax attorneys and a paralegal that can help set up and amend your business legally.
Please come and see us for all your accounting and tax needs.
If you need further information on these tax tips, please call me at 928-445-01014 x9 or contact me at email@example.com.
David A. Snyder CPA, PLLC www.davidasnydercpa.com
325 Montezuma Street, Prescott, AZ 86303 (928)445-0104 Ext. 9
Fax (928) 717-1076 firstname.lastname@example.org