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As last month's National Small Business Week shined a spotlight on entrepreneurs, you may be considering establishing your own company. Here are tips to help your new venture get a good start.
* Choose the right form for your business. Sole proprietorship, partnership, corporation, or limited liability company: your decision will depend on questions such as how many owners the business will have, who will be in control of decision-making, and what liability issues exist. * Set up a good recordkeeping system. A business launch means paperwork, including establishing a business bank account, filing for an employer identification number, acquiring a local occupational license, and maybe registering a fictitious name. In addition to these permanent records, you'll also need to track pre-launch costs and ongoing expenses for tax write-offs.
* Understand tax reporting requirements. Depending on how you structure your business, you may need to file a separate tax return each year. You might also need to make quarterly estimated tax payments. Other tax returns include federal and state forms for reporting sales and employment taxes. Please call for advice before you open the doors of your new business. I will work with your legal, banking, and other advisors to help you establish a good foundation for future success.
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Tuesday, June 30
* Report 114, Report of Foreign Bank and Financial Accounts, must be filed electronically. This report, also known as "FBAR," is required if you have an interest in foreign bank, savings, or investment accounts and the aggregate value of those accounts exceeded $10,000 at any time during 2014. No extensions are available. Contact my office if you need assistance or more details about the filing requirements of these returns. |
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Your summer portfolio review may reveal opportunities for tax planning. Here are capital gain rules to consider.
* You have a capital gain when the amount you sell an asset for exceeds your basis in that asset. Capital gains can be offset with current year capital losses as well as losses you carry forward from prior years. * For 2015, capital gain tax rates range from zero to the highest personal federal income tax rate. Your capital gains may also be subject to the 3.8% net investment tax. The actual rate depends on how long you own an asset, the type of gain, and your federal income tax bracket. * Assets you've owned a year or less when you sell are "short-term" and are taxed at regular income tax rates. * Assets you sell in 2015 after owning them more than a year are generally subject to a 15% or 20% tax rate. You may qualify for a zero percent rate - no tax at all on the gain - when you're married filing jointly with taxable income of $74,900 or less ($37,450 for singles). Please call to discuss how managing your capital gains can benefit you. |
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Tax Tip of the Week: Have you found an error on your tax return or realized that you forgot to claim an income or deduction? You can file an amended return within the last three tax years of the filing date. Call me if you need to do this, especially if I've done your taxes in the year that you need to amend.
Business Tip of the Month: If you have a corporation then you should be keeping minutes for all your meetings. In a court of law, the minutes speak for the corporation. If you currently do not have someone taking care of your corporate minutes I can refer you to a company that does all of the compliance work for a very reasonable amount. Please contact me if you are interested.. Financial Tip of the Month: Consider "dollar cost averaging" as an investment strategy in planning for your retirement or children's cost of college. Read this article to find out more about it and see if this is a good way for you to save for your far-off goals.
Fraud Alert: Many of us have had our credit card used fraudulently at one time or other. Hopefully, it was corrected by the credit card company but it shows how vulnerable our credit is. This article gives some helpful tips on ways to avoid your credit card being used fraudulently. It's usually at places that you wouldn't even suspect! Be informed! |
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Let me know if I can help you with any Quickbooks problems.
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https://www.facebook.com/pages/Linda-L-Heineman-CPA/266124360085715?ref=tn_tnmn
Sincerely,
Linda Heineman
Linda L. Heineman, CPA
email:
linda@llhcpa.com
phone:
626-577-0979
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