Simple steps to transfer an LLC to a new state
or those of you with an established business, how do you handle taking a business on the road? Do you need to register a new business in your domicile state? Let’s talk about how to transfer an LLC to a new state. Let’s say you already have an LLC in Colorado, your “old” home state.…
Annual LLC Checklist: 4 Simple Steps to Keep Your Business in Good Standing
Attention small business owners! You’ve probably been given the advice to form an LLC to help keep you protected. While this is solid information, in order to maintain this protection follow these 4 simple steps as part of your annual LLC checklist. This will help keep your business in good standing. Maintain complete formation of…
How to handle meals and food-related expenses in 2018
In case you’re not aware of the new rules regarding meals and food expenses in your small business the Tax Cuts and Jobs Act changed things up a bit starting in 2018. Business owners now have to reevaluate their budget for the food they once were able to deduct. Let’s take a deeper look and…
Retirement and HSA Contributions: How can they help you?
Using retirement contributions and a health savings account (HSA) to help reduce your immediate tax liability is a real way for tax savings. I highly suggest maxing out any retirement contributions possible. I also recommend contributing to your HSA, if you have one. Let’s dive deeper into retirement and HSA contributions and how they can…
What the latest ruling means for sales tax for your small business
You may have read or heard about the latest sales tax ruling which allows states to change laws forcing online businesses to collect and remit sales tax. Now you’re wondering how this will affect you. Let’s take a look at how the latest ruling impacts sales tax for your small business. Sales tax for your small…
Tax Reform Benefit for Small Business Owners
First things first, this new provision, Section 199A, as part of the Tax Cuts and Jobs Act allows for a 20% deduction for qualified business income deduction. There are exceptions and it can get complicated, but, to keep it simple, a 20% deduction for running your small business is pretty nice. Let’s talk further details…
Where should I form an LLC?
Where should I form an LLC? I get this question quite often. The answer is not Wyoming or even Nevada! Simply put, your domicile state is the best option. Don’t fall prey to the internet or a friend’s misguided advice when it comes to business formation. While some states may be less expensive for maintenance…
3 Important Things to Know When You File an Extension
While there are plenty of reasons to need an extension, it does NOT mean you get extra time to pay taxes owed. You are among the many businesses and individuals that file an extension. But…what does that really mean? It means you better pay an estimate based on what you think you’ll owe in order…
3 Ways to Take the Section 179 Deduction on an RV
You own an RV and decide to rent it out for some extra cash. How do you deal with taxes? Let’s dive into understanding the section 179 deduction on your RV rental. First, it’s important to separate the different types of RV rentals. Residential Rental if you live FULL-TIME in your RV If you are…
Do I need to file a tax return for my LLC with no activity?
Sometimes a limited liability company or LLC has a year with no business income or activity. Maybe it’s a newly formed LLC, which hasn’t started doing business yet. Is it an older LLC that hasn’t been formally dissolved? Whatever the reason for no activity, does the LLC need to file a tax return? LLC tax…