S Corps Are Not Always Beneficial. Here’s Why.
What Is an S Corporation? An S Corporation is a federal tax classification that some corporations and LLCs opt for. The classification enables a corporation to enjoy pass-through status and eliminates the requirement to pay federal corporate tax. Businesses that want to be treated as S corporations ... Read More
Are You Aware Of The New Minimum Wage Laws in NY and NJ?
New York Affective December 31, 2019, the New York State minimum wage has increased . In New York City, it is now $15.00 per hour for all size businesses. In Nassau, Suffolk and Westchester counties, it is $13.00 per hour. In the remainder of the state, it is $11.80 per hour. There are different ho... Read More
How To Deal With Paying Vendors In Cash
Cash might be king in the business world, but it often provides challenges when it comes to documentation. If you pay lots of your vendors in cash, then it is essential that you have good records to make sure those payments hold up as deductible in the case of an audit. This is also true […]... Read More
Should you delay taking a deduction?
Did you know it’s sometimes not the best tax planning strategy to take as many deductions as possible? That may sound like blasphemy, but hear me out as we wrap up the year and finish up Tax Planning Season! So why would you ever want to delay taking a deduction? The answer is this: You […]... Read More
Top 7 Benefits of Outsourcing Your Bookkeeping Operations
Top 7 Benefits of Outsourcing Your Bookkeeping Operations. The rise of the online community has changed the way in which we do business forever. It has brought us closer to people that can help with our day to day operations as well as backend business needs, enabling our businesses to run smoothe... Read More