Archive for December, 2009

Should I consider the S Corporation election for my new Limited Liability Company?

Posted on Dec 27, 2009 in Financial Statements & Taxes, Operational No Comments »

While there are generally several benefits for an LLC to be taxed as an S Corporation instead of being an LLC taxed as a Sole Proprietor, the two most appealing are:
1. Reduced Internal Revenue Service audit risk.
2. Potential self-employment tax savings.
In this hypothetical [...]

Preparer Transition Fees

Posted on Dec 27, 2009 in Operational No Comments »

Changing CPAs?
Without proper planning, a transition year can cost more than usual if there are pre-existing circumstances that need attention.
For example, prior year-end accounting discrepancies or shareholder basis issues can incur one-time only costs.
Other items that can make a transition year more expensive would be:

numerous depreciable assets
several business or rental ventures
tax items that are [...]

A Horse in Need

Posted on Dec 21, 2009 in Outside the Office No Comments »

My 2009 has seen its share of ups and downs outside of the time I spend in my Old Town office doing tax work.
Examples? Car vs. deer accident on Hwy 287. We competed in USDAA performance finals once again with canine teammate Rumor. Sudden loss of our 6-month Sheltie puppy to a brain aneurysm… and now [...]

A Piece of my Heart – a tribute to our dog Boing

Posted on Dec 06, 2009 in Outside the Office 1 Comment »

Our other blog has the full story.