There are an array of business entities to choose from such as LLCs, C Corps, Partnerships, and S Corps. There is no easy and clear cut choice that fits every business. Each type has its own positives and negatives. It depends on the type of business and your future vision for it. I can explain the tax implications of each entity. However, ultimately this complex choice should be discussed with a lawyer. The wrong choice may be costly in the future.
- I started a business this year. How should I handle my accounting? What are my tax filing requirements?
- My current tax preparer does an OK job, but I always feel rushed during my tax appointment. Also, he’s difficult to reach when I have a question. I want to change to someone else, but I’m afraid that some information might get lost by going to the new person.
- Do you need to file a federal tax return this year?
- I just got a phone call from someone saying they were from the IRS. They wanted some personal information and my credit card number for back taxes that I owe. I don’t know what they are talking about. What should I do?
- I am about to start a new business and I think I want to incorporate or maybe be an LLC. Which should I pick?