Small Business
How can I dissolve a California corporation?
You should file corporate resolutions dissolving the corporation with the Secretary of State and complete Form 3555 Request for a Tax Clearance certificate with the Franchise Tax Board.
What is the start date for my business?
Your business officially starts when the business begins operations. For a service or consulting company, that means providing services.
Should my real estate franchise be an S Corporation?
There are many differences in the rules under which S Corporations must operate that do not affect LLCs. Following is a partial list.
Is sales tax paid on evaluation units?
Whether or not tax applies to an evaluation unit generally depends on what happens to it after the customer evaluation. Let’s look at three common scenarios.
Can I deduct what I pay my brothers?
Yes. The Internal Revenue Code permits a taxpayer to deduct ordinary and necessary expenses attributable to operating a trade or business, including property held for the production of rental income.
Can sole proprietors carry forward losses for 20 years?
When you suffer a business loss, you first offset any current income with that loss.
How do we determine a stock's par value?
Forming a corporation is a legal function. You should consult an attorney to make sure that all the filing requirements are met.
Can we get a depreciation deduction for an SUV used for business purposes?
You are allowed to deduct any expense incurred in order to generate a taxable profit.
How should a fee for raising capital be recorded?
Regardless of whether the fee was paid to help raise capital for a new business or for an existing one, it should be recorded as a reduction in capital.
Must an S Corporation Pay Wages to Its Shareholders?
If you treat the officers as employees for employment tax purposes, then, yes, you must pay the officers a wage.
Can we write off sponsorship of an event?
Perhaps. The IRS says for an expense to be deductible, it must be "ordinary and necessary."
Do I file one tax return or two for my two companies?
You only need to file one corporate tax return for the two businesses.
When does a corporation need to file a tax return?
You may have to file two returns.
Can I Open an Interest-bearing Checking Account if I Have an LLC?
There are no restrictions regarding setting up bank accounts.
What Are the Benefits of Converting To An S Corporation?
The most common benefits are limited liability, reduction of self-employment tax, and no double tax on profits.
What Are Some of the Benefits of Incorporating Myself?
Most business owners who incorporate are seeking limited liability.
How can I protect my small business from e-terrorism?
Systems and business consultants from around the state collaborated to develop these tips.
How can I use QuickBooks accounting software to increase profitability in my business?
The QuickBooks small business accounting program has taken the country by storm.
Should I get expert help for reporting sales and use taxes for my small business?
The state of California is becoming more aggressive in its audit and enforcement program for sales and use taxes.
Does my home office qualify for deductions?
When it comes to tax deductions, there is no place like home -- your home.
Bonus article:Writing a marketing plan that works for you
Plus! CalCPA's small business startup guide
Part one: Creating the business plan
The business plan is a crucial tool that will aid you in making your business startup decisions.
Part two: Choosing the right legal structure
When it comes to setting up a legal structure, entrepreneurs shouldn't cut corners.
Part three: Financing your business
There are ways to finance a new business without tapping out five credit cards or re-financing the house.
Part four: Planning for taxes
Savvy entrepreneurs can offset some of these expenses by preparing for and claiming tax deductions.
