Should you incorporate or not? What’s best for your business?

If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate.

The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade off is that there is a cost to incorporate and, in some cases, tax consequences.

So, should you incorporate?

Truth be told, you might not need to incorporate. Depending on the size and type of your business, liability may not be an issue or can be covered by insurance. If so, you could join millions of other business owners and operate as an unincorporated sole proprietor.

If you do decide to incorporate, you’ll face a choice of corporate forms. All offer limitation of your liability, but there are differences in tax and other issues. Take a look at the options:

• C corporations. The traditional form of corporation is the C corporation. This type of corporation has the most flexibility in structuring ownership and benefits. Most large companies operate in this form. The biggest drawback is double taxation. First the corporation pays tax on its profits; then the profits are taxed again as they’re paid to individual shareholders as dividends.
• S corporations and LLCs. These forms of corporations avoid this double taxation. Both are called “pass-through” entities because there’s no taxation at the corporate level. Instead, profits or losses are passed through to the shareholders and reported on their individual tax returns.

S corporations have some ownership limitations. There can only be one class of stock and there can’t be more than 100 shareholders who are U.S. citizens or U.S. residents according to tax law. State registered LLCs have become a popular choice for many businesses. They offer more flexible ownership rules than S corporations, as well as certain tax advantages.

Whether you’re already in business or just starting out, choosing the right form of business is important. Even established businesses change from one form to another during their lifetime.

Find the time that works best on your calendar and schedule a consultation for guidance in selecting the form that is best for your business at www.bas-pc.com/schedule.

For More Info : Visit Here : https://www.bas-pc.com/

How to Make the Most of Your Tax Refund

Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you.

The more important consideration right now is what you do with the money you get back. Here are ideas for making the most of your refund:

• Stash it away. When the unexpected happens, it’s your job to figure out how to pay the resulting bills. Putting part of your refund in a readily accessible location such as a checking or savings account will help you weather temporary setbacks without incurring penalties or transaction fees.

• Use it wisely. Using your refund to invest for the long-term is usually a good idea. For instance, energy-efficient windows or a new water heater may result in lower electric and insurance bills. Ditto for paying down high-interest credit cards, as long as you resist the urge to reload them.

• Invest in yourself. Using your refund to refresh your career skills or to learn new ones can provide a double benefit: more employment opportunities and tax savings. If you’re unsure of your job security, put your refund to work by financing a home-based business and creating a second stream of income.

Want to know other options for your tax refund that may provide tax breaks this year?

Find the time that works best on your calendar and schedule a consultation today at www.bas-pc.com/schedule.

For More Info : Visit Here : https://www.bas-pc.com/

Taxes Not Ready to File for 2017? Here’s what to do

If you need more time to file your 2017 income tax return, you can get an extension — no explanation is necessary.

There are a lot of reasons why you may need more time to file your 2017 individual income tax return. For instance, you might want to hold off funding a retirement plan until you can save more money. Perhaps you’re waiting for a tax form from a trust, a partnership or an S corporation. Or maybe you’ve just been busy.

Whatever the reason, you can usually put off filing for up to six months beyond April 17. That means you will have until Oct. 15 to finalize your return.

Here’s what you need to do:

• Estimate your total tax liability for 2017, subtract what you’ve already paid in withholding or estimated payments and remit most or all of the balance.
• File an extension request form (generally Form 4868 for an individual return) by April 17. You can file the extension request form online, by phone or by mailing it to the IRS. If you owe taxes, you can pay with an electronic funds transfer, your credit card, or a check.

Requesting an extension for your personal return also gives you additional time to file a gift tax return for 2017. The gift tax return extension is automatically included. But if you owe gift tax (or generation-skipping transfer tax), or are requesting an extension only for a gift tax return, you’ll need to use Form 8892.

If you have special circumstances such as military service, or think you might have difficulty paying the tax due with your extension, give us a call. We can help you work through the rules.

BAS clients have enjoyed not filing for tax extension since Lee Elwell originally founded the firm in 1971.

Are you ready to join in that feeling of not having to worry about articles like this?

Find the time that works best on your calendar and schedule a consultation to see how we may be able to help you at www.bas-pc.com/schedule.

For More Info : Visit Here : https://www.bas-pc.com/