LLCs provide liability protection for their members. This means personal assets will be protected against debts, losses, and any court rulings against the business. LLCs are “pass-through entities.” This means that dealing with business taxes is much easier, though it…
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Business Entity Type
If you have your own business, you could be contemplating a choice that many entrepreneurs face: Should your enterprise be structured as a limited liability corporation (LLC) or an S corporation (S corp), which is named after subsection S of…
Posted in Taxes
2020 Standard Mileage Rates
The standard mileage rates for business use of a vehicle decreased slightly in 2020. The rate for 2020 is 57.5 cents per mile in 2020. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating…
2020 W-4
Effective January 1, 2020 a new Federal W-4, Employee’s Withholding Allowance Certificate, is required. The form has new inputs for calculating federal income tax withholding and no longer allows employees to claim any number of personal or dependent allowances. The…
2020 Tax Season Start
Tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is…
NEW IRS Charitable Contribution Regulations
The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive…
Members of LLC’s paying themselves through Payroll Risks
Since most people are familiar with being paid wages and receiving a W-2 each year, when forming an LLC, they may still expect to be paid wages. However, LLC members can take guaranteed payments or distributions. In fact, there are…
LLC Considerations with Partners
My friend and I want to form an LLC. Should be both be members/owners, or should one of us be the owner and just pass on 50% of the money to the owner? Some things to consider as to how…
How to Form an LLC in Colorado
Choose a Name for Your LLC Under Colorado law, an LLC must contain the words or abbreviation “limited liability company,” “ltd. liability company,” “limited liability co.,” “ltd. liability co.,” “limited,” “l.l.c.,” “llc” or “ltd.,”Limited Liability Company,” “Limited Company,” or…
Posted in Colorado
Receipts on Form 1099-K
Business owners may have received IRS Form 1099-Ks from most of the Payment Processors used during 2018. The Form 1099-K reports the gross proceeds received from Payment Processors, over the course of the year, which includes credit card companies, PayPal,…