S CORPORATIONS, C CORPORATIONS and LIMITED LIABILITY COMPANIES (LLCs), AS THEY RELATE TO TAX STRATEGIES FOR THE ONE-PERSON BUSINESS
Limited Liability Companies (LLC's) and regular C corporations may elect to be treated as S Corporations for income tax purposes. Incorporating a sole proprietor, or having an LLC make an S election, may save significant taxes for the one-person business.
You may think that your present tax accountant (assuming you have one) is providing you with all of the tax advice you need. You should think again.
The typical tax preparer, and even the average CPA, lacks the graduate tax education and/or professional experience needed to advise you of all the tax-saving strategies available to the one-person business. Most tax preparers spend their time just recording the past and filling out tax forms. Unfortunately, you are ultimately responsible for reducing your own taxes.
Here are just a few examples of how the book TAX STRATEGIES FOR THE ONE-PERSON BUSINESS might help you save hundreds, if not thousands, of tax dollars each year:
* Determine whether your business should incorporate, or if your LLC should elect to be taxed as a C or S Corporation.
* Save self-employment tax (payroll tax) by paying yourself a low, but reasonable, S Corporation salary.
* Contribute up to 100% of your earnings, or your employee-spouse's earnings, to a one-person 401k plan.
* Avoid estimated tax filings and penalties by having the "safe harbor" amount of taxes withheld from your salary.
* Consider a Section 444 fiscal year-end election to possibly defer taxes and improve personal tax planning.
The book is copyrighted material, should not be reproduced, and is sold with the understanding that it does not constitute legal, accounting, or other professional service.
ABOUT THE AUTHOR -
Chris Inglese is a Certified Public Accountant with over 25 years of professional experience with the international accounting firm of Deloitte (formerly Touche Ross & Co) and his own firm, Christopher J. Inglese, P.C. He holds a Masters of Science degree in Taxation (earning a 4.0 GPA) and a Bachelors of Science degree in Commerce – Accounting (from the University of Virginia’s McIntireSchool of Commerce). A member of the American Institute of CPAs and the VA Society of CPAs. Mr. Inglese has also authored Tax Checkup for S Corporation Owners.
As a one-person business himself, Chris Inglese has studied the various tax strategies available to the smallest of firms. He gives self-employed individuals the opportunity to benefit from his education and experience through his TAX CHECKUP service. During a TAX CHECKUP, Mr. Inglese uses his proprietary tax planning checklist (included in the Tax Strategies for the One-Person Business book), and reviews current and prior year tax returns, in an attempt to uncover any tax refund opportunities and/or tax-saving ideas. The TAX CHECKUP service is offered from May through August, and costs $420 (based on up to two hours of professional service at only $210 per hour). One-person business owners, who are interested in legally avoiding taxes, may contact Chris Inglese at (703) 847-2626 .
