corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level. To qualify for S corporation status, the corporation must meet specific requirements; to learn more Contact one of our agents today.
Business owners MUST incorporate.
This protects Business owner hard earn personal assets! Creating a corporate structure can also help you with:
creates a separate legal structure that helps shield owners personal assets from judgments against the company. C Corporations have a specific structure that includes shareholders, directors, and officers. Some Advantages including: Limited liability (for directors, officers, shareholders, and employees), perpetual existence (even if the owner leaves the company), Enhanced credibility (among suppliers and lenders), Unlimited growth potential (through the sale of stock), No limit on the number of shareholders (although once the company has $10 million in assets and 500 shareholders, it is required to register with the SEC under the Securities Exchange Act of 1934), Certain tax advantages (including tax-deductible business expenses). Some disadvantages are: Double Taxation (profits are taxed when earned and taxed again when distributed as dividends to shareholders). Shareholders in a C Corporation also can't deduct any corporate losses.
Limited Liability Company
By outsourcing your bookkeeping to Max Tax you may save thousands of dollars and hours of your time. We can provide an upfront objective analysis of your business situation. While recommending solutions to help you effectively grow your business. You will only ever pay us for services we perform and hours that we spend on your books.
(LLC) is a business structure that combines the taxation of a partnership or sole proprietorship with the limited liability of a corporation. LLC itself is not a separate taxable entity, like owners of partnerships or sole proprietorships, you will report profits or losses on your personal income tax returns. As owners of a corporation, however, you are protected from personal assets. Best known as "limited liability." With means that if the business owes money or faces a lawsuit, only the assets of the business itself are at risk. Creditors usually can't reach the personal assets of the LLC owners, such as a house or car. However, both LLC owners and corporate shareholders can lose this protection by acting illegally, unethically, or irresponsibly. See one of our agents for more Information.
We remove the headache from small businesses by offering comprehensive payroll services. Using a cost effective payroll system, as an add-on to existing customers or as a stand-alone product. We can handle everything from regular payrolls (salary and hourly) to check printing and or direct deposit. Employee payroll tax accruals, quarterly IRS and state tax filing payments. We offer the solutions, to fit your back office needs.
Our Max Tax professionals can help you more in depth on how to choose a corporation that best suits your unique situation. Allow us to incorporate your company today! Contact Us
At the center of any service we offer is a detailed analysis and discussion of your company’s situation. Our Business Consulting consist of financial statements, current state of operations, and any money saving solutions we may offer you to help run your business more smoothly and productively. All initial consultations are free. Our experienced financial services specialists can help with a variety of operational and production issues and help improve internal control procedures to help your business become more profitable.
All billing is customized to the services we provide for you – never a penny more! We offer full service bookkeeping using several QuickBooks platforms. We help with everything from initial QuickBooks set-up, to general ledger maintenance, to monthly/quarterly closings, including but not limited to tax preparation and invoices do to the government.