Simi Valley Accountant
What is Better C Corp or S Corp for tax purposes?
An S corporation does not pay federal income tax as an entity on its income. Instead, all income items are passed through to shareholders and taxed at the shareholders’ individual tax rates. Avoidance of a C corporation’s perceived “double taxation” is a primary advantage to electing
S corporation status. (Double tax can be avoided by bonusing away the profit to employee/shareholders) However, unlike a C Corporation, an S Corporation’s income is taxable to shareholders when earned, whether or not the corporation distributes the income to them. Typically, the C Corp shareholder receives a W-2 to report their income on their personal income tax return. Alternatively, the S Corp shareholder receives a K-1 to report their income on their personal income tax return. Although a C Corporation can only use losses to offset corporate income (plus any carryover amounts), S corporation shareholders can generally use corporate losses immediately to offset income from other sources, subject to at-risk and passive activity rules. S corporations also offer the advantage of the same limited liability protection as C corporations and limited liability companies (LLCs).
C Corp Or S Corp for Setting Up a Business
Because an S corporation has a unique tax structure, it is important for S corporations and their shareholders to understand the S corporation qualification requirements, the distribution and loss limitations, as well as how and when items of income and expense are taxed. You probably feel a little confused or somewhat unsure as to what this may all mean. Or, how all these alternatives might be best utilized in your situation. Call us to arrange an appointment to discuss which is right for you.
Important Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012.
Here are 10 key facts from the IRS about mortgage debt forgiveness:
1. Cancelled debt normally results in taxable income. However, you may be able to exclude the cancelled debt from your income if the debt was a mortgage on your main home.
2. To qualify, you must have used the debt to buy, build or substantially improve your principal residence. The residence must also secure the mortgage.
3. The maximum qualified debt that you can exclude under this exception is $2 million. The limit is $1 million for a married person who files a separate tax return.
4. You may be able to exclude from income the amount of mortgage debt reduced through mortgage restructuring. You may also be able to exclude mortgage debt cancelled in a foreclosure.
5. You may also qualify for the exclusion on a refinanced mortgage. This applies only if you used proceeds from the refinancing to buy, build or substantially improve your main home. The exclusion is limited to the amount of the old mortgage principal just before the refinancing.
6. Proceeds of refinanced mortgage debt used for other purposes do not qualify for the exclusion. For example, debt used to pay off credit card debt does not qualify.
7. If you qualify, report the excluded debt on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Submit the completed form with your federal income tax return.
8. Other types of cancelled debt do not qualify for this special exclusion. This includes debt cancelled on second homes, rental and business property, credit cards or car loans. In some cases, other tax relief provisions may apply, such as debts discharged in certain bankruptcy proceedings. Form 982 provides more details about these provisions.
9. If your lender reduced or cancelled at least $600 of your mortgage debt, they normally send you a statement in January of the next year. Form 1099-C, Cancellation of Debt, shows the amount of cancelled debt and the fair market value of any foreclosed property.
10. Check your Form 1099-C for the cancelled debt amount shown in Box 2, and the value of your home shown in Box 7. Notify the lender immediately of any incorrect information so they can correct the form.
Use the Interactive Tax Assistant tool on IRS.gov to check if your cancelled debt is taxable. Also, see Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. IRS forms and publications are available online at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
Interactive Tax Assistant tool
Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments
Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
IRS YouTube Videos: Mortgage Debt Forgiveness
Fiscal Cliff Has Been Averted – The Tax Implications And Changes
The “Fiscal Cliff” has been averted as Congress passed the American Taxpayer Relief Act of 2012 on January 1, 2013. The Act allows the Bush-era tax rates to sunset after 2012 generally for individuals with income over $400,000 and families with incomes over $450,000, permanently “patches” the alternative minimum tax (AMT), revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit, and provides for a maximum estate tax rate of 40 percent with a $5 million exclusion, as adjusted for inflation. What are the fiscal cliff tax changes from these implications?
In addition to an extension for most taxpayers of the lower individual income and capital gains tax rates, marriage penalty relief and more than 50 other tax benefits popularly referred to as the “Bush Tax Cuts,” the legislation makes over 100 changes to the Internal Revenue Code.
Highlights of the American Taxpayer Relief Act of 2012 include:
- 39.6% tax rate for incomes above $400,000 ($450,000 for families)
- 20% Maximum Capital Gains/Dividend Tax Rate
- All other Bush-Era Tax Rates extended
- Permanent AMT Patch
- Five-Year Extension of American Opportunity Tax Credit
- Two-Year Extension of Business Tax Extenders
Major Fiscal Cliff Tax Changes:
The major theme for 2013 is “reflation,” or a continued recovery for personal and financial assets. Investors are still concerned with policymaker decisions to address fiscal concerns, and this poses some short term headline risk (headline risk being these short term reactions in the markets to the latest news). Still, 2012 proved to be a good year for equity investors in spite of the general disbelief that we are in a recession.
The National Association of Homebuilders reports a recovery in the housing market. The changing demographics of our country will aid with this recovery, as we saw a lull in household formations over the past few years. This is tied to people between 30-35 years old, which is a key demographic for household formation. The children of the 80s (Gen Y or the “Echo Boomers”) are hitting that key demographic.
Also, the personal debt to income ratio for our country improved from 130% to 100%. Personal balance sheets have improved from debt reduction and some recovery in home values as well as their investment accounts. Brian also cited pent up demand for cars as the average vehicle on the road these days is about 11 years old. We could also see spending for other durable goods which should aid consumption and further fuel the economy.
Overseas, Europe continues to struggle, but European financial failure could have been much worse and devastating to the global economy. European Central Bank actions to maintain the Euro has worked well. Even Draghi’s words even had a positive effect on the European markets (that they would do “whatever it takes” to maintain financial stability).
Emerging markets or developing countries have seen significant growth, and there is much positivity to cite for the consumer in those countries who now have more free cash flow than they ever have in the past. Oppenheimer never believed in a hard landing for China as they have trillions in reserves. Even if they cannot achieve double digit growth, a modest 7% growth creates the equivalent economic production of a Saudi Arabia or Poland.
Brian expressed Oppenheimer’s clear favor for equities. They are concerned about interest rate sensitive securities (bonds), and when it comes to bonds they recommend a barbell strategy. Many investors are overweight to high quality US BarCap Agg type allocations. They may be better served by this barbell which might be heavy in shorter duration, good credit quality on one side and high yield, senior floating rates on the other side.
Oppenheimer recommends a “new 60/40” which essentially is more global portfolio. Equity exposure should include a significant amount of international and emerging markets, and bond exposure should also do that as well. Brian shared the example that 10-year sovereign debt securities from Brazil yields close to 10%.
What does that mean to us? Investors need to find a way to return to their long term strategic asset allocations, using a well-diversified, global, and professionally managed strategy.
Chad Smith CFP®, ChFC®, CLU
Our elected leaders started the New Year by passing the American Taxpayer Relief Act of 2012. This new legislation solves the tax side of the fiscal cliff and delays the mandatory across the board spending cuts that where scheduled to take place on January 1. For most Americans the new legislation permanently extends the lower income tax rates that they have paid for the last 10 years. However, high-income taxpayers, earning above $450,000 ($400,000 if single), tax rates will increase in several categories. In addition, working Americans will be affected by the expiration of the Payroll Tax Holiday. In 2011 the payroll tax was reduced from 6.2% to 4.2% and the American Taxpayer Relief Act failed to extend the 2% reduction. In addition, Americans earning $250,000 ($200,000 if single) will also be impacted by the new tax increases from the Affordable Care Act. While elected leaders still have to address the mandatory spending cuts and the federal debt ceiling in the coming months, most Americans now have some certainty as to how tax policy will affect the 8 Wealth Management Issues®.
2013 Tax Overview
With the newly approved legislation in place, Americans can expect:
• Expiration of the Payroll Tax Holiday – Payroll taxes will increase from 4.2% to 6.2% affecting working Americans.
• Income Tax Rates – Income tax will stay the same for most taxpayers that earn below the threshold of $450,000 ($400,000 if single). Taxes will increase for those that make above $450,000 ($400,000 if single) reverting to the top tax rate under the Clinton administration of 39.6%.
• Capital Gains and Qualified Dividend Rates – For taxpayers with income above $450,000 ($400,000 if single) capital gains rates and qualified dividend rates have been increased to 20%. For all other taxpayers the rates remain the same at either 15% or 0%. For taxpayers with income above $250,000 ($200,000 if single) the new 3.8% Medicare surtax will be added to the base rate.
• Permanent AMT Relief – The American Taxpayer Relief Act increased the 2012 AMT exemption to $78,750 ($50,600 if single). This legislation also created a yearly inflation adjustment so that Congress will not have to pass “AMT patches” on an annual basis.
• Personal Exemption and Itemized Deduction Phase Out – Both personal exemption and itemized deductions will be phased out for taxpayers with income above $300,000 ($250,000 if single). (Since 2010, neither personal exemptions or itemized deductions have been phased out based on income.)
• Federal Estate and Gift Tax – The American Taxpayer Relief Act made permanent the $5,000,000 (adjusted for inflation) gift and estate tax exclusion beginning in 2013. This legislation also increased the estate tax rate from 35% to 40%. The bill made “portability” permanent allowing a spouse to utilize a deceased spouse’s unused exemption amount. The annual gift tax exclusion has been indexed for inflation to $14,000 per year.
The American Taxpayer Relief Act of 2012
The Affordable Care Act
Effective now, the employee portion of the Medicare payroll tax will be 1.45% for the first $250,000 ($200,000 if single) and 2.35% for income over $250,000 ($200,000 if single). In addition there will be a new Medicare Excise Tax of 3.8% on investment income for taxpayers above $250,000 ($200,000 if single). This tax will be levied on interest, dividends, and distributions from non-qualified annuities, royalties and rental income.
Planning Considerations Steps to take:
• Evaluate Personal Spending – With the expiration of the Payroll Tax Holiday, Americans earning a paycheck will see them decrease by 2%. For workers living paycheck to paycheck the 2% decrease in take home pay could stretch monthly budgets.
• Look to Maximize Qualified Planning Opportunities – With income taxes increasing for some, taxpayers should look to vehicles like 401(k) and defined benefit plans to reduce taxable income.
• Evaluate Portfolio Construction to avoid the Medicare Surtax – Consider tax-advantaged vehicles like municipal securities. Look to place certain asset classes in qualified accounts while maintaining more tax efficient asset classes in taxable accounts.
• Consider AMT Favorable Investments – For taxpayers subject to AMT, consider looking at AMT free municipal securities and tax advantaged vehicles.
• Create a Written Plan – It is hard to know where you are going without knowing where you are. The process of creating a written plan can assist a family in knowing if they are on track to meet their personal goals and objectives. In conclusion, Many Americans have delayed their personal planning waiting to see what would occur inside the Washington Beltway. While there are many things yet to be resolved on Capitol Hill, we now have certainty concerning the tax side of the fiscal cliff. Over the next few months, politicians will move on to the next crisis. At the same time American families should begin implementing their personal planning strategies by meeting with their Advisors to create a written plan. This begins with an investment and cash flow plan which looks at a family’s specific goals and objectives. The second step also takes into account a family’s cash flow, liquidity needs, risk tolerance, and family dynamics. The planning process is dynamic and needs to be monitored to ensure that the plan stays current with changes in tax law and personal dynamics.
All The Fiscal Cliff Tax Changes As A Result
The views and opinions presented in this article are those of Chad Smith and not of H.D. Vest Financial Services® or its subsidiaries.
Investments are subject to market risks including the potential loss of principal invested.
This information does not constitute tax advice. Please consult your tax adviser for complete information.
Investment and Insurance Products: NOT FDIC Insured | NO Bank Guarantee | MAY Lose Value
Securities offered through H.D. Vest Investment ServicesSM, Member SIPC, Advisory services offered through H.D. Vest Advisory ServicesSM
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Money matters play a large role in our sense of well-being. Some people seem more talented than others when it comes to managing their money. Even if some people can be more financially stable than others, that doesn’t mean that you cannot get back into good financial shape if you learn how to. This article offers tips and ideas that will help you to achieve your financial goals pf having your tax return done over the phone or Skype.
Tax Returns over the phone can help you save money.Perhaps the most effective way to avoid jeopardizing your current financial situation is to avoid incurring credit card debt. Think carefully before making any charge to your credit card. You must take the time it takes to pay it off into consideration. You shouldn’t make any charge that’s not imperative and can’t be paid off within a month. Now if you are looking to have your tax return done over the phone, we can do it over the phone or on Go To Meeting.
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All of your accounting needs that you want in the San Fernando Valley can be handled with better service and lower prices in your right backyard. We have knowledge of many accounting and business accountant needs that will suffice your accountant needs.
CPAs, or Accredited Public Accountants in San Fernando Valley , can assist you in your specific or business enterprise accounting and tax planning in many approaches. With the guidelines surrounding accountancy including typically approved accounting procedures for enterprises, and tax laws that transform every year for people, using the services of a CPA to carry out your accounting products and services requires is definitely the best solution to assure that your accounting is error free in case of IRS or other audit.
CPAs are Licensed General public Accountants, certified through the Board of Accountancy. These CPAs can conduct a variety of products and services to modest businesses, massive companies, or persons. They are really accountable to authorities organizations for his or her ethics and business practices, which assures which you the consumer are shielded from fraudulent activity by CPAs, and providing you stability in figuring out that your accounting is in superior hands.
CPAs can complete typical accounting, audits, or tax providers. CPAs need to have a university education and learning in accounting, and an examination well prepared through the American Institute of Licensed Manifeste Accountants (AICPA). A CPA might be self-employed persons acting on their own behalf and that of your CPA’s customers, or they are often employed inside a community accounting firm in tax or audit services.
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Private exemptions for companies in the San Fernando Valley are that is a certain quantity of profits that may be excused from tax.
Normal deduction accountants do for business in San Fernando Valley – some private expenses or organization bills could be deducted out of your cash flow to lower the taxable degree of cash flow. These charges include objects including curiosity compensated on your household home loan, charitable contributions and house taxes.
Taxable money for business owners in San Fernando Valley . This can be the balance of profits that’s theme to taxes following exclusive exemptions and deductions are factored in.
A lot of people almost certainly think of bookkeeping and accounting as the exact detail, but bookkeeping is really 1 function of accounting, whilst accounting encompasses numerous capabilities involved in managing the money affairs of a organization. Accountants prepare reports centered, partly, on the function of bookkeepers.
Bookkeepers in San Fernando Valley perform all way of record-keeping duties. Several of them include the next
They put together what exactly are known as source files for every one of the operations of the business enterprise – the purchasing, marketing, transferring, spending and collecting. The paperwork include things like papers including buy orders, invoices, credit score card slips, time cards, time sheets and price reviews. Bookkeepers also ascertain and enter inside the resource files what are termed the monetary effects on the transactions along with other small business occasions. Those involve having to pay the staff members, producing income, borrowing cash or getting items or uncooked resources for production.
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Starting a business could be pretty attempting at times. There are many factors you must consider when setting up a business. On top of that to deciding which kind of small business you are going to commence up, exactly what the business will promote or what companies the organization will offer, you should also ensure that the small business is in compliance with all nearby, state, and federal business enterprise legal guidelines. This is why you need a form of business accounting.
In addition into a small business license, demanded by almost all localities from the U.s., a new business enterprise will need to file numerous tax sorts firstly from the enterprise. If you’re advertising an item, your small business will require to file for retail sales tax licenses. Relying around the spot of the small business, you may have to file for your retail product sales tax license out of your city, county, and/or state. If you are promoting a assistance, and also your state or city demands product sales tax for expert services, your organization may even need these forms.
Another matter your organization will need to file for is really a federal tax identification quantity. This selection is used on all tax paperwork to your small business. It may not be needed in the event you is going to be the sole human being operating to your enterprise. Even so, for those who decide to use subcontractors or staff, you’ll need a federal tax identification amount in order to pay out your contractors or workers. It is expected through the federal govt so that wages compensated is often tracked because of the IRS for purposes of collecting earnings taxes that need business accounting.
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You should definitely know the authorized specifications for setting up a business ahead of you precise start off doing company. This way, you will be compliant with all regional, state, and federal business legal guidelines, thus slicing down on your own probability of functioning an enterprise and reducing out the chance that your small business may be shut down in advance of it’s ever before truly begun.
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Not a lot of persons intend to make the decision of when to file bankruptcy, but you’ll also find that there is certainly some stage where by it just could possibly have to get accomplished. If you are looking to File Bankruptcy Online You will wan to help keep in mind that individual bankruptcy will have an affect on your credit score score and you will even have other ramifications.
Submitting individual bankruptcy ought to only be considered a previous resort when all other options have failed you. But when must you take into account filing for personal bankruptcy?Chances are you’ll also desire to file individual bankruptcy whenever you are consistently borrowing funds from 1 credit resource to pay for a different credit source. For those who need to commence taking income advances of extra than $500 just to buy residing charges.
You borrow to meet common expenses like foods and utility charges. You have stopped answering your cell phone since the only calls you acquire now are from creditors. When you want to File Bankruptcy Online, make sure that you have everything that you need to File Bankruptcy Online. Are there lenders that are threatening to sue you? They have even currently taken some authorized action in opposition to you. You might see that these all are signs that there’s a thing terribly unsuitable and they are indications that you may well want to take into account filing a personal bankruptcy.
Then it will come to the decision of what sort of individual bankruptcy you’ll need to file for. By far the most prevalent are chapter seven and chapter thirteen. With a chapter 7, you might see that it should wipe all of your personal debt clean and it’ll also provide you with that rapid new commence. Chapter thirteen, you may be building installments for 3 to five a long time, this is why some people File Bankruptcy Online.
On the other hand, you need to help make absolutely sure that you take into consideration submitting for bankruptcy any time you have gone by all of your other options. You’ll really need to make certain that you take into consideration your financials as functional predicaments. Additionally, you will see that for those who get some qualified information from a personal bankruptcy law firm they are going to let you know what your alternatives are plus receive the bankruptcy filing going if that is your final possibility.
Now, along with the new laws that were handed in 2005, you are going to should get some pre-bankruptcy financial debt counseling in order to be in the position to file a chapter 7. It’s got turn out to be law that you just get counseling ahead of and just after filing bankruptcy.
The debtor must get counseling and certification from a non-profit credit-counseling company prior to the kinds is often submitted to your bankruptcy.You will really need to consider a person or two periods in order for you to seek out certification. Together with the certification you’ll be able to continue using the bankruptcy filing. In order to avoid these issues, most Americans will File Bankruptcy Online.There exists perform you’ll want to do even before you get your pre-filing credit counseling certification. You’ll find varieties you are going to should have filled out all through your sessions.
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File Bankruptcy Online For Free in some circumstances. In other places you can File Bankruptcy Online at a low rate and get it done quick. The primary will be the money certification sort. It will state your cash flow as well as it’s going to exhibit a charge plan. Also, have in mind the price range kind can even must be stuffed out, but that type is rather self-explanatory and straightforward to comprehend.
With these forms finish, and also your certification now comprehensive, you may have to have the non-profit credit counselor to fill out your affidavit and agreement for credit counseling. Your attorney will notarize the shape, but you will also must deliver it alongside having a coy of your state ID. All of these forms will need to be introduced for the courtroom clerk before you decide to start to file your personal bankruptcy paperwork alongside which has a notable rate.
You may be ready to get this service on the internet as well as around the phone. Many organizations will give their support in the place of work, nonetheless they are also very adaptable with the sessions. Upon getting finished these methods, you’re wanting to file the paperwork using your individual bankruptcy courtroom.
You will have to be geared up and have an understanding of what it is that you simply must expect certain important things to happen during the court course of action. You’ll desire to keep in mind that a different counseling session is often a should in order for you to prepare greater to the foreseeable future. You may want to consider the finical setting up session will help you to acquire back again with your toes plus prepare better for the potential.
Start An LLC And Form A Limited Liability Corporation
If you are starting a new business and need an LLC formation, we will go over some of the information about an LLC and how it can help you and your new business. An LLC formation can help protect your business and issue shares in the attempt to grow your new business larger. At Winther & Company, Inc. we can help you set up a corporation and get you on your way to starting your new business! Just give us a call at – 805-583-2720 and we will help you set up your LLC (Limited Liability Corporation). If you are looking to form an LLC, the best way, and the cheapest way is the click the Legal Zoom banners and have a legal representative fill your new business now, quick, easy, and affordable.
LLC formation – Form an LLC For New Business
Some business enterprise proprietors opt for to create partnerships or minimal liability corporations instead of a corporation. A partnership may also be termed a firm, and refers to an association of the group of individuals operating jointly in a very small business or skilled practice that can help you form an LLC.
Even though organizations have rigid guidelines about how they can be structured, partnerships and restricted liability firms enable the division of conduit authority, revenue sharing and ownership rights among the many house owners to become really adaptable. The best ideas is an LLC formation to get your business starter correctly so that the Government does not find you as an illegal new business until you form an LLC and make it legal and official.
Partnerships fall into two types LLC, And Corporations. . Common companions are topic to unlimited liability. If an enterprise won’t be able to spend its debts, its creditors can need payment from your standard partners’ individual property. Standard companions have the authority and obligation to manage the enterprise. They’re analogous on the president and other officers of a company when you form an LLC. Restricted companions escape the limitless liability that the normal partners have. These are not responsible as individuals, for your liabilities in the partnership. These are junior partners who have possession rights to the gains in the business, but they never normally get involved in the high-level administration from the organization when you form an LLC. A partnership ought to have one or even more normal partners.
LLC formation For New Businesses – How To Legally form an LLC
A limited liability Corporation (LLC) has started to become extra common amongst smaller organizations. An LLC is like a company about restricted liability and it truly is like a partnership with regards to the pliability of dividing gain one of the proprietors. Its edge more than other different types of possession is its flexibility in how income and conduite authority are determined. This can have a downside. The house owners have to enter into extremely in depth agreements about how the earnings and administration obligations are divided. It could get incredibly intricate and customarily necessitates the products and services of a law firm to draw up the agreement. An LLC formation is needed for new businesses that are looking to set up a fully operational legal business in the United States to form an LLC. A partnership or LLC arrangement specifies how revenue might be divided among the house owners. Whilst stockholders of a corporation receive a share of gain that’s instantly related to the number of shares they own, a partnership or LLC does not have to divide earnings according to simply how much each individual companion invested. Invested capital is barely from the aspects that happen to be utilized in allocating and distributing revenue.
If you are ready to form an LLC, Winther & Comapny, Inc can help you accomplish your goals. We are a well established accounting firm that has the knowledge and expertise to form and LLC for your new business. An LLC formation can be very time consuming and confusing, don’t try and do it yourself, let the professionals do your LLC formation today!