Will My Bookkeeping Change as an S-Corporation?

Will My Bookkeeping Change as an S-Corporation?

https://youtu.be/kK6eK7NyoV8 You made your S-Corporation, you know the rules, and now you’re wondering: do you need to run your books differently now? Let’s talk about the requirements and best practices. Payroll Requirements Yes, as an owner-employee of your S-Corporation, you are now an employer even if you weren’t one before. Payroll introduces a whole host of reporting, deduction, and remittance requirements. Thankfully we can put all Washington requirements into a convenient list: Items upon hire: W-4: Fill one out and keep it on file. This is the form that you use to determine your number of withholdings. It  can be…
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S-Corporations – What you need to know!

S-Corporations – What you need to know!

Perhaps you’ve seen that familiar list of business entities: Sole proprietorships (i.e. doing business as yourself), partnerships, LLP’s, LLC’s, PLLC’s, LLLP’s, C Corporations (or just “Corporations”), and S-Corporations. An important thing to note about the S-Corporation business entity is that the whole point of choosing to be an S-Corporation is a tax decision. We call it “electing to be taxed as an S-Corporation.” There’s a section in the tax code called subchapter S that gave us the name S-Corporation. So, an S-Corporation is a corporation that has elected to be taxed differently from a normal corporation. In short, it’s what…
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What is a Partnership?

What is a Partnership?

Business partners. When you think of partnerships, maybe it conjures images of business suit-clad professionals shaking hands while beaming at each other in excitement, followed by a quick-cut montage of them building their business step-by-step, played along to the beat of heart-pumping 80’s music. Or maybe that’s just me. A Partnership is a business entity that is formed as a way for two or more people to pool their money and skills together, and to share the profits and losses of the entity. This is to be distinguished from a Sole Proprietorship which is just you doing business by yourself,…
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