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TL;DR Accounting Blog

Can I Do My Own S-Corporation Tax Return?

Can I Do My Own S-Corporation Tax Return?

You’ve set up your S-Corporation, you’ve figured out a reasonable compensation (hopefully with the help of a professional), you’ve weathered a whole year of ups and downs, and your business has lived to tell the tale. Unfortunately, we all know that one of the rewards of a successful year of business is paying taxes on your income. Before you became an S-Corporation, maybe you did your own Schedule C and you’re looking to continue doing your own taxes. Can you do your own S-Corporation tax return? The short answer is yes, but we don’t recommend it. Here’s why: https://youtu.be/6FViTx3wlLA The…
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Reimbursing Yourself for Business Expenses: Accountable Plans

Reimbursing Yourself for Business Expenses: Accountable Plans

You’re checking out at Staples, Office Depot, Kinko’s, or another unexciting yet important local store that caters to businesses. Pulling out your wallet, you notice that your business credit card is missing. Oops! Since you don’t want to leave the cashier hanging, and you do want the goods (and they’re all legitimate business expenses), you run your personal card and make a mental note to reimburse yourself later. After all, businesses regularly reimburse their owners or employees for legitimate business expenses, whether those purchases were planned or not. But the IRS isn’t going to like it if you mix business…
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S-Corp Hub: Your One-Stop S-Corp Shop!

S-Corp Hub: Your One-Stop S-Corp Shop!

If you own an S-Corporation, or you’re thinking of becoming one, we’ve put together a special “Hub” page, a launchpad where you can take a breather and plan your next foray into the more specialized technical articles. In gaming terms, it’s like the town you visit to restock and replenish before you dive into the next dungeon. We all know that it’s unwise to just dive straight from dungeon to dungeon without a rest! S-Corporation Basics  TL;DR: The decision on whether or not to become an S-Corporation basically comes down to determining whether the tax savings are worth the extra…
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