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The Difference Between an LLC and a Subchapter S Corporation
Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation. Here are the differences: LLC The primary reason to have an LLC or a Subchapter S...
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Ten Tips to Help You Choose a Tax Preparer
The IRS has published 10 tips to help you choose a paid tax preparer to file your return this year. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it....
View ArticleWhy The New Medicare Tax May Cost You More Money
Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and...
View Article4 Reasons All Employers Should Offer a Roth 401(k) Plan
1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’...
View ArticleHow (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA? The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the...
View Article3 Proven Reasons a Small Business Should Consider a SEP Retirement Plan
A Simplified Employee Pension (SEP) is an employer sponsored retirement plan. Here are 3 proven reasons to consider this plan. 1) Very Little Paperwork Unlike other retirement plans like a...
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4 Easy Steps to File Your Income Tax Extension
Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension. 1) Prepare a Tax Projection To file an...
View ArticleWhy Some Small Businesses Should NOT be an LLC
The Limited Liability Company (“LLC”) certainly has become a popular form of business entity. If there is only one member (owner) then setting up these entities has become a breeze. Just go online,...
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Shred Week A Huge Success
Borgida & Company Clients Save the Planet While They Clean Up! Full bins await shred truck Friday afternoon. Dozens of clients joined in for our first “Shred Event” last week. Eight very full,...
View ArticleThe Difference Between a C Corporation and a Subchapter S Corporation
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Business owners can maintain their corporation as a regular or “C” Corporation. Alternatively, if they are...
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