Small Business

According to the U.S. Census Bureau, more than 99% of businesses in the U.S. have fewer than 500 employees and are considered small businesses.
All Questions: Small Business
Posted January 18, 2017 · Miami, FL
Mark Struthers

Mark Struthers



Good question. Some small business owners are too busy to find the best plan. Yes, most often solo-401ks are the best way to save. You are able t...

Posted January 9, 2017

You do the work, you earn the income, IRS says its taxable to you regardless of the roundabout path you try to take to make it not yours.

Posted January 6, 2017

I agree with Michael that you should take W-2 income (to avoid red flags to IRS). But you can also take additional money out as the owner.

Not sure w...

Posted December 28, 2016 · Miami, FL

You need to retain a tax professional (EA or CPA) to prepare your tax returns and provide appropriate advice. Your 40K in wages should be reported on ...

Posted December 26, 2016

Your tax return is the input document for crediting your Social Security earnings account and must be filed within three years of the original due dat...

Posted December 18, 2016 · Cincinnati, OH

Mark's answer is great.

I'd add one thing. Do you and your wife have Traditional IRAs?

If so, you may want to convert some/all of it to Roth. If you...

Posted December 14, 2016

What type of accounting software do you use?

I'm a single person S-Corp. I have the payroll subscription through QuickBooks (desktop version). It's l...

Posted December 12, 2016

The only free advice you should take is free suggestions to get professional advice because we don't know, we have no idea and are running from trying...

Posted December 12, 2016

If you pay bills of your own then you must considered that paid bill as owner's pay and include it in your calculations of state, federal, and self-em...

Posted December 9, 2016

Open a business retirement plan. Can be easy, via a SEP IRA, or more complicated if you have employees.

Owners can put $50,000+ and reduce taxable in...

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