When you create a corporation as the successor to your proprietorship business, there are many steps in the transition. One of the important changes is that you become an employee of the corporation. You’re responsible for managing the business as a separate entity.
A variety of basic retirement plans are available to corporations. These plans create tax advantages as well as attract and reward valuable employees. A corporation receives a tax deduction for contributions to employee retirement accounts.
Having a corporation as your business structure provides some beneficial options for tax planning as well as having a successor after you retire. One method that addresses both circumstances is forming an Employee Stock Ownership Plan (ESOP).
Not all the taxes that you remit for payroll are actually the payroll tax expense for your business. Some of the payroll taxes you remit are withheld from employee pay.
Yes, you read it right. If you’re a business owner, the federal government will pay you to hire unemployed workers. By learning about the HIRE act, businesses that were wary of hiring new employees in this tough economic environment can rest easier.
It’s election season again which means that the airwaves are full of theories, accusations, alarm-sounding, and all over the backdrop of some exaggeration and spinning of the facts.
Incorporating a business have some advantages in terms of tax benefits. For instance, business trips for members of a board of directors are tax-deductible expenses. Travel for business occurs when duties require your absence from the general area of your tax home for a substantially longer period than an ordinary workday.
Investors in qualifying businesses are entitled to special tax benefits. The tax incentives present an advantage for individual investors to provide companies with new long-term capital investment.