Lanman Rayne Library

Business Tax 101 Workshop

Getting your tax documents organized for your accountant? Getting ready to prepare your first business tax return yourself? Self-employed and afraid of the word tax? We will be leading a workshop hosted by the Women's Business Center at CEI that you should attend.

Topics will include:

DIY: Forming An LLC Without A Lawyer

First, let’s get one thing on the table: an improperly formed LLC is useless. This is a case in which “almost right” just doesn’t cut it. Let me give you a little background. The LLC is designed to do two jobs: 1) use limited liability to protect the personal assets of the business owners, and 2) lay out the agreement between the owners regarding the business ownership structure. Both the limited liability protection and the business ownership structure are important. Here I’m going to talk about how the formation of the LLC impacts the first of these two things: limited liability.

What You Need to Know about Obamacare and Your 2014 Taxes

President Obama’s Affordable Care Act, often called Obamacare, will impact many people filing taxes this year. It requires most Americans to have health care coverage or face penalties. Your tax return is how the government is monitoring compliance with the new insurance mandate. Depending on your health care insurance coverage, your tax situation might not change, but it's important to make sure that you file your tax returns correctly with regard to these new regulations.

Choosing a Bank For Your Business Entity

When selecting a bank for your new entity’s business banking, choose carefully. Your relationship with your bank will be incredibly valuable as your business grows and develops. Look for recommendations from a trusted advisor, like your attorney or CPA.

A Tax Preparation Checklist for Small Businesses

For small businesses, dealing with annual tax preparation can be overwhelming; finding time to get organized can be challenging! Here, we’ve compiled a list of things all business owners can do to be better prepared for tax season. If you do these few things your accountant will thank you!

March Newsletter: Warm Weather & Falling Ice

 

Don't forget, Daylight Savings Time starts this Sunday, March 8th! 

While we’re not looking forward to losing an hour of sleep Saturday night, everyone at Lanman Rayne is excited to be one step closer to spring! It’s probably not news to any of you, but this winter brought some record-setting snow accumulation and frigid temperatures.

S-Corporation Status: Debt and Equity

Electing to be an S-Corporation (S-Corp) can provide certain benefits for corporations, LLCs, and partnerships, such as pass-through taxation (elimination of double taxation for C-Corps) and investment opportunities for shareholders. Nonetheless, special considerations should be made to avoid having your S-election revoked by the IRS. One key to maintaining S-Corp status is ensuring that your entity only has one class of stock.

February Tax Tips

Tax season can be a stressful time for people of all ages and income brackets. Changes in your life from last year can magnify your anxiety—How does having a child change your tax return? What about going to college? Below we’ve complied some tips for small business owners, new parents, college students, and retirees and seniors to help you navigate the 2014 tax season.

Commingling of Funds and Piercing the Corporate Veil

When your business and personal finances aren’t clearly divided, you can face serious tax consequences or even lose the limited liability protection that your corporation, LLC, or limited liability partnership provides. This loss of limited liability protection is often referred to as piercing the corporate veil. Even if you are the only owner of your business entity, you should manage your business finances separately from your personal finances to prevent this from happening.

Entity Formation & Limited Liability

One of the most important benefits of forming an entity is limited liability. Limited liability protects the personal assets of shareholders and members from corporate creditors. This means that your individual liability exposure is only equal to the assets you’ve invested into the entity. Thus, if you originally paid $500.00 for your stock in a given corporation, you are only personally liable to the corporation’s creditors for that $500.00, even if your personal net worth is much greater.

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