Blog

S Corporation Owners, is Your Salary too Low?

Posted by Michael Beauchemin on Thu, Mar 01, 2012 @ 11:34 AM Are you an owner of an S Corporation?  If so, you may want to do a salary checkup and make sure your salary is reasonable and customary.  Ealier this year the Eighth Circuit Court upheld a lower court’s decision regarding the salary of the owner of an…

...

Big Tax Savings for NC Business Owners

Posted by Michael Beauchemin on Thu, Jun 07, 2012 @ 12:15 PM Over the past several years, it seems like we have been posting negative information for business owners regarding new regulations and the possibility of significant tax increases in 2013.  Taxmageddon is approaching in January, 2013 if Congress, the Senate and the President don’t make any changes…

...

The Wrong Business Entity Can Cost You Thousands in Additional Taxes

Posted by Michael Beauchemin on Thu, Oct 04, 2012 @ 03:10 PM When setting up a business, you have a choice of what type of business entity you would like to select.  Each business entity has its advantages and disadvantages.  The best business entity for you largely depends on several factors: Your personal tax situation, the income…

...

Tax Benefit of S Corp Election for Small Business Owners is Targeted

Posted by Michael Beauchemin on Fri, Nov 16, 2012 @ 08:19 AM  One primary reason a business owners chooses to set up an S Corporation or an LLC with an S Corp election, is the tax treatment of distributions.  Unlike a sole proprietorship or partnership where business income is subject to self employment tax (Social Security and Medicare taxes)…

...