Product Title: S Corp Tax Advantages & Benefits E book – WCG CPAs
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S Corp Tax Advantages & Benefits E book – WCG CPAs is backed with a 60 Day No Questions Requested Cash Again Assure. If inside the first 60 days of receipt you aren’t happy with Wake Up Lean™, you’ll be able to request a refund by sending an e mail to the deal with given contained in the product and we’ll instantly refund your whole buy value, with no questions requested.
Description:
Posted Wednesday, November 8, 2023
WCG CPAs & Advisors and Jason Watson, CPA, have launched the 2023-2024 Version of Taxpayer’s Complete Information to LLCs and S Corps. Over 400 pages of pure pleasure! This version has up to date 2024 information resembling IRA and 401k limits together with Social Safety wage limits, nevertheless it additionally has a bunch of recent data unfold out numerous chapters resembling custom-made multi-entity constructions, expanded affordable shareholder wage sections, extra tax discount mechanics amongst numerous little tidbits gleaned from lots of of small enterprise consultations. Riveting!
We have now a number of examples exhibiting how the Part 199A works, why S firms stay an amazing device for tax financial savings and why reverting to a C company is a foul thought. We additionally focus on entity formation, S Corp elections, affordable shareholder wage and enterprise tax deductions. Frankly the Part 199A stuff is barely about 40 pages of the fabric… the remaining is nice ol’ style enterprise stuff!
Earlier than you spend your cash, we encourage you to evaluate the highlights beneath and obtain a pattern of Taxpayer’s Complete Information to LLCs and S Corps through the use of the next button, or the digital but full model from our KnowledgeBase-
However when you saying to your self, “Self, simply get the darn ebook and begin taking good care of enterprise” then click on on one of many buttons below-
Listed here are some testimonials to make you’re feeling higher (after all we solely picked the nice ones… similar to referrals)-
Ronny R. says, “I loved it! Gave me heaps to speak about with my CPA.“
Britt S., Esq. says, “Thanks a lot for talking with me final week! You’re wonderful and I vastly respect all the data you emailed me. I’m in full adoration of your ebook!”
Lisa A. says, “Detailed details about the professionals and cons of making a small enterprise. Plenty of nice element concerning the tax advantages and penalties. NOT a ‘dummies’ ebook – it assumes you have already got some background data.“
Brett B. says, “I learn your ‘Complete S Corp’ ebook. Wow. You blew my thoughts. I assumed I understood S Corps.”
Larry M. says, “I discovered it useful, however may have gone into just a little extra element. There may be one essential method to economize as an s corp, and find out how to decide ‘how a lot you will get away with’ may have been expanded on a bit extra. In any other case, fairly good information.“
M.S. says, “Nice learn for first time self-employed corp house owners. Covers all the primary primary of taxes and caveats. Effectively written and easy to grasp for these not properly versed in tax regulation.“
In case you purchase our 430-page ebook and assume that we didn’t make it easier to perceive small enterprise tax regulation or the advantages of S firms, tell us. We by no means need you to really feel such as you wasted your cash. If you’re prepared so as to add some insightful studying into your day, click on on one of many most popular codecs. Amazon is processed by Amazon, and the PDF is safely processed by ClickBank who will e mail you the PDF as an attachment.
Present launch is 2023-2024 Version. Please e mail us to tell us you need an up to date model, and we’ll ship freed from cost. You might also wish to go to our weblog to make amends for some latest steerage and different points surrounding small businesses-
How can I keep away from self-employment taxes? This straightforward query was the inspiration for creating an article describing the advantages of an S Company. That authentic article, which was about 4 pages lengthy, rapidly turned a collection of KnowledgeBase articles on the WCG web site. The articles touched on primary matters resembling find out how to elect S Corp standing, shareholder payroll, affordable wage willpower and legal responsibility safety. These broad matters demanded way more data, each horizontally by spanning into extra associated points, and vertically by digging deeper into the granular but riveting ranges of the tax code. Past normal S Corp advantages, our 2023-2024 version of this ebook will present you-
So right here we’re on our tenth iteration, or the 2023-2024 Version. In contrast to Tax Cuts and Jobs Act of 2017 and COVID and the three main items of tax regulation which was the idea for the Ninth version, these adjustments are primarily targeted on the little issues. There are additionally a number of examples and little feedback that come from the lots of of consultations we do annually. Nothing checks your dangerous thought like the general public, and individuals are filled with great tales and inquiring minds. All this results in extra fodder for the ebook!
Every week we obtain a number of cellphone calls and emails from small enterprise house owners and different CPAs throughout the nation who’ve learn our Taxpayer’s Complete Information to LLCs and S Corps and praised the wealth of knowledge. No matter your present scenario, whether or not you might be contemplating beginning your individual enterprise or entertaining a contracting gig, or you might be an skilled enterprise proprietor, the contents of this ebook are for you.
Whereas this ebook’s origins have been based mostly on decreasing self-employment taxes by an S Company election, it has dramatically expanded to sound enterprise recommendation from entity constructions to operational issues to enterprise tax deductions and retirement planning.
This ebook is written with the final taxpayer in thoughts. Too many assets merely regurgitate advanced tax code with out rationalization. Whereas in some instances tax code and court docket opinions are duplicated verbatim due to precision of the phrases, this ebook strives to elucidate many technical ideas in layperson phrases with some added humor and opinions. We imagine you will see that this ebook academic in addition to amusing.
Take pleasure in! And please ship us all feedback, hang-ups and static. This ebook is as a lot yours as it’s ours, besides the tiny royalty part- that’s ours. Cease by and we’ll purchase you a beer with the pennies.
Listed here are some further resources-
S firms stay a vital tax saving device for 2 causes. First, the standard self-employment tax financial savings stays intact for all enterprise house owners together with specified service trades or companies. Second, a enterprise proprietor would possibly must pay W-2 wages to himself or herself to not be restricted by revenue, and solely firms pays W-2 wages to house owners (in different phrases, an LLC can not with out an S Corp election). Learn the article above for riveting data!
This data can be included into our ebook together with examples and calculations. Pleased Pleased Pleasure Pleasure!
WCG CPAs & Advisors focuses on small companies who usually have fewer than 25 workers. Why? We wish to assist folks, and extra importantly we wish to assist the enterprise proprietor straight. Frankly talking, as soon as a enterprise will get to a sure dimension administration layers get in the best way of proprietor entry. Entry permits us to make sure the proprietor(s) are leveraging essentially the most out of their enterprise for themselves and their households.
As a result of small enterprise is a core competency for us, now we have created enterprise advisory service plans which embody these actually cool things-
Charges Up to date! Our Enterprise Advisory and Tax Patrol Service charges have been up to date August 2024, and we often maintain charges for no less than two years (or by December 31, 2026) except inflation skyrockets again to 9%.
We even have Tax Patrol! It is a great tax service for many who don’t want all of the enterprise advisory bells and whistles above, however occasionally need some love from an skilled tax marketing consultant and enterprise advisor. Have a fast tax query? Have to know the depreciation guidelines as you purchase that new automotive? Questioning what your April tax invoice goes to be in August? Tax Patrol is like ski patrol… you may not use it, however you sleep higher understanding you’ve got it.
Actual Property Traders! We even have Investor Patrol Providers for our real-estate minded purchasers who’re constructing an empire and wish tax return preparation, tax planning and complete rental property associated tax help.
Yeah, all of us dislike the little asterisk. The gotcha! The fantastic print! Effectively, right here is a type of conditions. Professional-active and Professional-active Biz Tax Planning are totally different. Professional-active tax planning is proscribed (for people and households) and doesn’t embody business-entity tax planning and funds (California’s Franchise Tax, New Jersey’s BAIT, Portland’s total insanity, NYC, and many others.), pass-through entity tax (PTET) calculations and funds, amongst different issues. Not each enterprise entity wants separate tax planning! Texas, No. California, Sure. Please see our Tax Planning Providers web page and Grasp Service Settlement for extra data.
Our Telluride Enterprise Advisory plan contains the pro-active enterprise tax planning plus just a few different different priceless providers resembling CPA Concierge and interfacing with lenders, attorneys and monetary planners.
Quarterly monetary statements evaluation is an add-on service, nonetheless it’s included robotically when you use our accounting providers.
Listed here are some quickie FAQs to study extra about WCG CPAs & Advisors, and the way we do business-
Nope. We have now a t-shirt that reads, “Hate extensions. Love our summers.” We file 70% of our tax returns by April 15, and solely lengthen per the shopper’s request or if there may be lacking information resembling a rogue Okay-1. We’ll go as rapidly as you allow us to! Additionally, we don’t have A listers… we put together tax returns in first-in first-out sequence. Positive, we go away room for emergencies or different points that permit for leaping the road.
As much as you! Prior to now, we might pro-actively schedule quarterly conferences with all Enterprise Advisory and Tax Patrol purchasers, nevertheless it was cumbersome for everybody. Immediately, we usually join no less than 3 occasions a yr in a significant method. As soon as for tax return preparation, as soon as for tax planning after which one other for a myriad of causes (“hey, I’m shopping for a automotive” or “hey, we bought a rental”). That is all back-filled with emailed correspondence and touch-ups all year long. Having stated that, with routine session provided above, your aim is to extract every thing you want from us.
We choose scheduled conferences over Groups. Try our CPA Concierge Service as properly. Precedence boarding. HOV lane. Early check-in.
We rely closely on emails and textual content message alerts. Nevertheless, we shouldn’t have an allergy to the phone. Throughout pleasant hours (let’s say 8AM to 7PM together with weekends) we’ll often name first if now we have a query or want clarification. We’re dedicated to responding to your e mail inside 3 enterprise days.
To get work chores performed, the tax workforce responds to emails on Mondays and Thursdays solely (what we name our “comms” days). Different groups resembling payroll and accounting have related e mail cadences.
Have an emergency or want a solution sooner? Name us! A lot will be performed briefly order with a cellphone name (please take into account that scheduled conferences continues to be excellent to make sure availability and readiness).
For tax, now we have two-person groups so there may be all the time a backup. Groups are assigned based mostly on who first spoke with you, bandwidth and material experience. We even have accounting, payroll and enterprise formation / governance. As such, you may need 4 folks you’re employed with. Yay! The 2 tax peeps, and if relevant, a payroll peep and an accounting peep (if you’re utilizing our Accounting Providers workforce for bookkeeping + evaluation). We even have devoted Shopper Assist and Tax Assist groups to… properly… help you and the opposite groups.
The next are further enterprise providers to get your enterprise launched and on the best way. A few of these are teased out individually as one and performed charges like formation and onboarding stuff.
Nice Print: Beginning accounting service charges are based mostly on 2 financial institution accounts (one checking account and one bank card is 2 accounts) with lower than 250 month-to-month transactions. Our price doesn’t embody the QBO subscription price from Intuit. Customized quote is accessible when you have rather a lot happening resembling third-party integrations (POS, time billing system), accrual accounting technique, in depth advantages packages and / or business particular points (e.g, job costing in development). Step one for Accounting Providers is to do an accounting evaluation with one in all our consultants to find out scope, service stage and supreme price (see button beneath).
Even Finer Print: Worker payroll will be added provided that already utilizing our Enterprise Advisory Service plans above (e.g, Vail). Customized quote for greater than 15 workers and a referral to remedy or a script for Excedrin.
Our entity relocation bundle contains closing your present payroll accounts, opening shiny new ones, shifting your entity with the Secretary of State (if relevant) and updating addresses as crucial.
Talking of deal with adjustments… these are powerful. Primary deal with adjustments require IRS, State Division of Income and Secretary of State notifications. Handle adjustments that embody payroll add one other stage of complexity since departments of income aren’t the identical as departments of labor, and there is likely to be native or municipal businesses as properly.
We make little or no earnings on payroll processing… we provide it as a comfort to our purchasers. One throat to choke with a single name will be reassuring however if you wish to run your payroll, go for it! Everybody thinks payroll is a chunk of cake; write a test and performed. Nope… we see a variety of errors being made by small enterprise house owners particularly the dealing with of self-employed medical insurance and HSA contributions since there are particular guidelines for better than 2% S Corp shareholders. Then once more, we don’t thoughts fixing what was damaged.
You’ll be able to put together your individual particular person tax return as properly… however the profit WCG making ready each particular person and enterprise tax returns is that may we slide issues round relying on revenue limitations, phaseouts, various minimal tax (AMT), Part 199A deduction optimization, pass-through entity tax deductions (PTET), and many others. Having our arms round each worlds can yield some good tax financial savings!
Observe: A person tax return is what the IRS calls Kind 1040 and refers back to the entity submitting the tax return (you, the person, are the entity). Nevertheless, a married couple are deemed to be one entity for the sake of a person tax return. So, after we say we’ll put together your particular person tax return, it’s meant to incorporate your partner in a collectively filed completely satisfied completely satisfied pleasure pleasure tax return.
This doesn’t issue within the decrease audit price of S Corps versus Schedule C actions, plus the flexibility to make use of enterprise funds to pay on your state revenue taxes in any other case generally known as the Cross-Through Entity Tax Deduction (PTET) or the nice SALT workaround.
We’re not salespeople. We’re not placing lipstick on a pig, and attempting to persuade you to find it irresistible, even when Tom Ford’s Wild Ginger seems to be wonderful. Our job stays being professionally indifferent, providing you with data and letting you resolve.
Furthermore, many CPAs and tax professionals thrust their threat aversion onto their purchasers. That is dangerous. At WCG CPAs & Advisors we should carry out our due diligence and hurdle our moral {and professional} requirements. Nevertheless, after these gymnastics we current a risk-based evaluation to the tax return and allow you to, the shopper and taxpayer, resolve find out how to proceed. Having stated that, we don’t entertain tax scammers or those that can take down the ship. Arthur Anderson anybody? No thanks.
We additionally see far too many loopy schemes and half-baked concepts from attorneys and wealth managers. In some instances, they’re good concepts. Most often, all of the entities, layering and blended possession is barely the phantasm of precision. Simply because you’ll be able to complicate the crap out of your life doesn’t imply you could. Identical to Chris Rock says, simply because you’ll be able to drive your automotive along with your toes doesn’t make it a good suggestion.
Here’s a temporary abstract of the subsequent steps do you have to wish to have interaction WCG with Enterprise Advisory Providers or Tax Patrol-
1. We schedule an appointment to debate your wants and be certain that now we have the right assets that will help you.
2. We draft a proposal outlining the scope of providers and our mounted annual price.
3. If crucial, we schedule one other appointment to evaluate the proposal and maybe tighten issues up or make adjustments.
4. As soon as the proposal is signed, the enjoyable begins with onboarding. We have now an intensive guidelines and inner activity listing to correctly onboard you and what you are promoting. Some issues are concurrent (resembling gathering housekeeping docs and establishing payroll) and a few issues are sequential (for instance, accumulating monetary information after which providing wage suggestions and making a tax plan). Onboarding is like having a child; a SWAT workforce reveals up and does a zillion issues, and poof, everyone seems to be gone aside from mother and child.
5. After onboarding (often 4-6 weeks), issues cool down right into a rhythm- Tax preparation within the spring, tax planning in the summertime, with payroll and routine session bouncing alongside all year long.
As talked about elsewhere we primarily give attention to small enterprise house owners and their distinctive session and tax preparation wants. With over 60 full-time session professionals together with Licensed Public Accountants, Enrolled Brokers and Licensed Monetary Planners in your workforce, WCG CPAs & Advisors consults on customized enterprise constructions, a number of entity preparations, S corp elections (even late S corp elections again to January), tax methods, enterprise teaching, business evaluation, govt advantages, retirement planning together with particular person 401k plans, exit methods, enterprise valuations, revenue tax planning and modeling, and tax illustration.
We additionally work with enterprise regulation attorneys for enterprise house owners who’ve further wants resembling drafting Working Agreements, price for service contracts, shopping for or promoting a enterprise together with worker inventory possession plans and accomplice buy-ins. As well as, WCG coordinates with third social gathering plan directors create age-based revenue sharing plans and money stability (outlined profit) plans. We are able to run level on no matter what you are promoting wants to make sure that communication is efficient and environment friendly permitting you to promote widgets.
Listed here are some further assets you would possibly discover helpful.
WCG CPAs & Advisors is a full-service but boutique progressive tax, accounting and enterprise session agency situated in Colorado serving purchasers worldwide.
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All orders are protected by SSL encryption – the best business normal for on-line safety from trusted distributors.
S Corp Tax Advantages & Benefits E book – WCG CPAs is backed with a 60 Day No Questions Requested Cash Again Assure. If inside the first 60 days of receipt you aren’t happy with Wake Up Lean™, you’ll be able to request a refund by sending an e mail to the deal with given contained in the product and we’ll instantly refund your whole buy value, with no questions requested.