While the government talks about low unemployment figures, there is strong evidence that a lot of people have left the work force thereby artificially lowering the unemployment rate. Before you consider taking on a new career take a look at the following Economic Policy Institute graph illustrating unemployed vs job openings per industry.
Most every business start-up has come across the question “LLC or S corporation?”.
While this is a very common question, the response is often different depending on who you are talking to.
It should be noted that an LLC might work for some while an S corporation could be better for others – there is no “one size fits all” approach to entity selection.
In short, here are a few pro’s and con’s for the LLC and S Corporation entity structure:
LLC –
S Corporation –
Of course there are many more pro’s and con’s for each entity selection – feel free to call us with any questions and will be happy to discuss more (800) 425-0570.
For more related information visit the following links:
http://tiny.cc/xjz22x IRS: Partners’ Share Of LLC Income Is Subject to Self-Employment Tax
http://tiny.cc/smz22x 5 Common Objections to Forming a Corporation or an LLC
September 15, 2015 – This is the last day to file a 2014 calendar year income tax return for your:
Be aware – This due date applies only if you timely requested a 6-month or 5-month extension. If you did not file an extension then there is even more urgency to file your tax return as soon as possible – expect penalties and interest if this is the case, but contact us immediately and let’s get those penalties abated!
Also, you must deposit the third installment of estimated income tax for 2015.
If you need help filing or have questions, feel free to call us today for a FREE initial consultation (800) 425-0570 or email questions to Contact@MrSmartTax.com
Mark Twain quotes on government click here
Mr. Smart Tax, Inc. will be presenting an exciting course on the basics of personal finance and managing your money. Learn how to take control of your money and strengthen your financial health whether you are starting out on your own, starting to invest or getting ready for retirement. Call to register today (800) 425-0570 or register online hereDate/Time: September 17th 6pm-8:30pm (networking & refreshments 6pm-6:30pm; presentation 6:30pm-8:30pm)
Location: Mr. Smart Tax, Inc.
4590 MacArthur Blvd., 5th Floor
Newport Beach, CA 92660
Not even superheroes can save Marvel Entertainment LLC from the IRS who assessed the comic company $16.6 million in tax deficiencies due the company harvesting losses from bankrupt companies. Marvel Entertainment Group Inc and some of its subsidiaries filed for bankruptcy in 1996 and there remained approximately $97 million of net operating losses (“nol’s”) which were then carried forward to the successor company the Marvel Group in 1998. As a result the Marvel group was able to reduce taxable income with these nol’s for the years 1999-2004. According to the IRS their method of doing so was a no-no. Something tells me that his superhero magnate is not down for the count just yet…
http://tiny.cc/wjh50x
Would a 14.5% flat tax really be fair? Many Americans are not even sure how much they pay in taxes. With median income at $53,891[1] most American’s would end up paying $7,815 in taxes with a 14.5% flat tax rate which would be more than their income tax of $7,176 under the current tax code.
Also, Rand Paul’s flat tax would eliminate FICA with a combined tax rate of 7.65% on wages, however, this would have seriously detrimental effects on social security and medicare which are becoming deeply ingrained in the United States as more and more Americans reach retirement age or rely on the medical subsidies of medicare.
Food for thought – the 15% tax bracket stops at $36,900 for single taxpayers and $73,800 for married taxpayers. Who would this flat tax really benefit?
[1] source Sentier Research/CNN.com
