The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, has brought about significant changes in the US tax landscape, impacting businesses and individuals alike. One of the most notable changes introduced by the TCJA is the Qualified Business Income (QBI) deduction. This new tax provision has raised questions about the continued relevance of S-Corporation (S-Corp) elections for small businesses. In this blog post, we will examine the impact of the QBI rule changes on S-Corp elections and whether they still make sense in the current tax environment.
Continue reading...LLC Formation
An Introductory Guide to Creating a C-Corp in Delaware: Legal Protection and Tax Advantages
Delaware has long been considered a top destination for businesses looking to incorporate, particularly for C-Corporations. The state’s business-friendly laws and regulations, combined with its favorable legal climate, make it an attractive option for a wide range of companies, from small startups to large multinationals.
Continue reading...How to File Hawaii GE Tax
There are a few steps to make sure you’ve completed before you can file your periodic GE reports. First, you need a GE Tax License Number. You can apply for this (alongside your articles of organization with Hawaii) via the state website. This article gives steps on applying for and filing Hawaii GE Tax.
Continue reading...How to File Articles of Organization in Colorado
Colorado charges $50 to file and $10 for the annual report
This provides one of the lowest price-points for single-owner LLCs. To see the filing and annual fees for other states, see this page.
Continue reading...How to Register for an EIN
If you’re thinking about starting a new business (or legitimizing a current one), it’s important to start off on the right foot. That entails setting up an relationship between your business entity and the IRS. To do this, you’ll need an EIN, which is effectively the business equivalent of a social security number.
Continue reading...How to File Articles of Organization in Wyoming
Filing an LLC in Wyoming will take around 15 minutes and cost $100
Besides having a business-friendly environment, Wyoming is a favorite among small-business owners for incorporation because they do not require an annual state income tax filing.
This may be a particularly good option for multi-owner LLCs who will need to file 1065 forms, considering TaxACT charges $35 for the state return each year. If your home state charges significantly for the initial filing and the annual reports, Wyoming might be the next-best option. You can see the cost of each state’s initial fees and annual fees here.
Continue reading...LLC vs. Sole Proprietorship
It’s finally that time to decide on how you want to setup your business. Maybe this is your first rodeo, or maybe you’re a seasoned “sole prop” veteran who’s wondering what the real benefits would be to starting (or transitioning to) a Limited Liability Company.
First off, let’s break down that name: What does it mean to be “Limited Liability” ?
LLC’s have one real, solid benefit: Their debt is NOT your debt
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