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Tax Organizer – Ver 2013D May, 2016

Tax Organizer

The latest Tax Organizer from SSA. Use this version to organize your information for your Tax Returns.

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Business Record Retention

Business records such as Tax Record, various Business Reports, Contracts, Important Documents, Insurance Papers, Ledgers, etc. are to be kept for a specific duration including some that are to be kept permanently. The checklists included in the PDF document (linked below) cover all of the appropriate record types and their retention time. Record Retention Checklist

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Retention of Personal Tax Records

Personal Tax records may have to be produced if the Internal Revenue Service (state or local taxing authority) were to audit your return or to seek to assess or collect a tax. In addition, lenders or other private parties may require that you produce copies of your tax returns as a condition to lending money, […]

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Sole Proprietorship

A sole proprietorship is owned and operated by one individual. It is the least complicated and usually the least expensive way to set up and run a business. Apart from its owner the sole proprietorship has no legal existence. ADVANTAGES: The advantage of a sole proprietorship is its simplicity and the relative freedom from government […]

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“C” Corporation

The regular, or “C” corporation is the most complex of the business structures. It is a distinct legal entity apart from the shareholders who own it. Formed under the requirements of the state in which it will do business, a corporation limits its owners’ liability to their investment in the company. While personal assets are […]

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Limited Partnership

In the limited partnership form, a general partner or partners run the business and are fully liable for partnership obligations. Limited partners do not participate in the business, that is they cannot obligate the business, and are generally liable only to the extent of their investment.

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“S” Corporation

The major difference between a regular “C” corporation and an “S” corporation is that the “C” corporation pays taxes on its income and an “S” corporation doesn’t. The “S” corporation files Form 1120S and distributes K-1s to shareholders. Shareholders then report their pro rata share of income, losses, and credits on their individual tax returns. […]

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Limited Liability Company (LLC)

This is a business structure which became available January 1, 1993. It can function like a partnership, or sole proprietorship, where partners/sole proprietors are not liable for its debts and obligations. With a special election a Limited Liability Company can function as a Corporation.

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Personal Service Corporation

A special kind of corporation, known as the personal service corporation, has the added drawback of paying tax on corporate income at a flat rate (the top corporate rate) rather than at the graduated rates available to other corporations. A personal service corporation is a corporation that has employee-owners performing services in the fields of […]

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Estate Planning – Part 1

Estate planning is the process of planning for the disposal of property during life, at death, and after death in a manner that best carries out a person’s desires, while minimizing income, gift and death taxes. The following list contains common matters you need to arrange for, part of a comprehensive estate planning package. 5 […]

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