Every year, as April 15th rolls around, there is a flurry of activity as most Americans seek to file their tax returns. There are many ways to get all those forms filled out and sent off to the Internal Revenue Service (IRS). You could do it yourself by filling in the form manually. You could also use one of the many popular tax software programs currently available, from the free to the very simple and inexpensive to the very complex and very expensive (remember you get what you pay for). You could also seek out a tax preparer who will fill out the forms for you and charge you for their services. 

But, as with the software programs, there are many options and skill levels available. And what about filing the return, should it be mailed or does it have to be filed electronically? Finally, what if you need to file an extension.

The choice of entity is one of the most important decisions a new business owner faces. Many new businesses are automatically set up as an S-Corporation as part of the overall formation process without any thought given to the potential risks or benefits of that selection, or for any other option also available.

The question of whether a company should elect S-Corporation status depends on several factors that will be explored in this article.

Helping Small Businesses Fulfill Their Purpose through Financial Management

Small businesses exist for many reasons but all share a common purpose:

• They must be worth pursuing, as envisioned by the person or persons starting them
• Once pursued, they must continue
• To continue, they must earn a profit

A number of my clients have inquired as to how to deal with their vehicle in their business. This is a somewhat complicated aspect of owning a business which I hope to clarify in this article.

The use of a vehicle is normally an ordinary and necessary expense of conducting business and, as such, is eligible for a deduction. In practice, there are a number of aspects to consider and, if they aren’t, the deduction may not be allowed.