Taxation »

IRS Penalties and Interest

IRS Penalties and Interest

PeterWendt July 16, 2013 0

If you owe taxes to the IRS, the first thing you need to know is that borrowing money to full pay your tax debt may have a lower interest rate than allowing IRS penalties

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What Is an S Corporation?

What Is an S Corporation?

Michael David April 24, 2008 0

What Is an S Corporation? An S Corporation is a C Corporation that elects “Subchapter S” status. All S Corporations begin their lives as C Corporations; Corporations elect to change their status to S

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S Corporation Election

S Corporation Election

Michael David April 24, 2008 0

How to Make the S Corporation Election All S Corporations begin their lives as C Corporations–no Secretary of State in the US makes a distinction between S Corporation and C Corporation. The S Corporation

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LLC Tax Advantages – LLC Advantages

LLC Tax Advantages – LLC Advantages

Michael David April 23, 2008 0

First, a definition. An LLC is a statutorily created form of business entity that combine features of both partnerships and corporations. For more information on the differences between these business entities, please read: Corporation

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Federal Income Tax Brackets – Federal Tax Brackets

Federal Income Tax Brackets – Federal Tax Brackets

Michael David April 23, 2008 0

Federal Income Tax Brackets Federal Tax Brackets February 2008 // // // // // // // Schedule X — Single Filer If taxable income is  over– But not over– The tax is: $0 $7,825 10% of

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Tax Advantages of LLCs

Tax Advantages of LLCs

Michael David April 22, 2008 0

LearnAboutLaw Staff July 2007 Owners of businesses often inquire as to whether organizing as an LLC offers any tax benefits. The following are some ideas on how an LLC can be organized in a

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Tax Advantages of Corporations

Tax Advantages of Corporations

Michael David April 22, 2008 1

LearnAboutLaw Staff July 2007 Owners of businesses often inquire as to whether organizing as a Corporation offers any tax benefits. The following are some ideas on how a Corporation can be organized in a

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How to Maximize Medical Deductions

How to Maximize Medical Deductions

Michael David April 22, 2008 0

July, 2007 Had a root canal? Broke a bone? Well, what you spend on health care might be deductible. The Internal Revenue Service allows a deduction of medical costs if such costs are more

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1099 After Foreclosure – Cancellation of Debt & Anti-Deficiency

1099 After Foreclosure – Cancellation of Debt & Anti-Deficiency

Michael David April 21, 2008 1

Here we take a closer look at the phenomenon of 1099 Cancellation of Debt income following a foreclosure. Why Foreclosed Homeowners Receive 1099s for Cancelled Debt First, the basics: if you owe a debt

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Use S-Corp Dividends and LLC Dividends to Minimize Taxes

Use S-Corp Dividends and LLC Dividends to Minimize Taxes

Michael David April 15, 2008 1

A Powerful Device for Business Owners to Keep Taxes Low A dividend is payment declared by a company’s board of directors (or board of managers in the case of an LLC) and given to

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