Ebook Small business financial management kit for dummies: Part 2
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Ebook Small business financial management kit for dummies: Part 2
Part IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 to his knees. Then, as he Vias cravding to reach his calculator, he gets it square in the pocketbook by Schedule c, and that’s vihat iinally did him in.*In this part - -.7his pari of the book examines three critical aspects OÍ managing Hie financial side of your small business — income taxes. raisin Ebook Small business financial management kit for dummies: Part 2 g capital, and controlling your financial condition. Every small business has to deal with federal Income tax issues. Including which type of legal enEbook Small business financial management kit for dummies: Part 2
tity Is best for your business. Income tax Is not the end of rhe story. Like all businesses, small businesses arc hit with payroll and many other taxePart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 niques for raising capital for starting and growing a business. Small business managers should not overlook the balance sheet — the summary of rhe assets and liabilities of the business. Wo explain how to analyze rhe sizes of your assets and operating liabilities. Investing more In assets than Is tr Ebook Small business financial management kit for dummies: Part 2 uly needed wastes capital and causes other serious problems as well.ChaptersJumping Through Tax HoopsIn This Chapter>Choosing a business legal structuEbook Small business financial management kit for dummies: Part 2
re from an income lax point OÍ view>Understanding how taxable income is calculated>Managing payroll taxes>Looking al other types OÍ business taxes>LifPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 d taxes." Most people would agree that this statement Is not only one of the most widely known and referenced bur In addition, extremely accurate. In this chapter, we focus on business taxation and regulatory mandated costs burdening businesses today.Thinking about Business TaxesTwo general thoughts Ebook Small business financial management kit for dummies: Part 2 should bo kept in mind with business taxes:p* Identifying and securing the appropriate taxation professional counsel can be worth its weight in gold.Ebook Small business financial management kit for dummies: Part 2
The volume and complexity of business taxation Issues has exploded during rhe past 20 years to the point where It has become almost impossible to staPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 xpayer and tax collector for foreign, federal, state, and local governments. If there ever has been a business management function that requires and/or can benefit from external professional counsel, taxation Is It. By professional counsel, we either mean an accounting professional, CPA, or, If need Ebook Small business financial management kit for dummies: Part 2 ed for more complex Issues, a tax attorney.p* Tax planning and compliance represent an essential element of a successful business plan requiring proacEbook Small business financial management kit for dummies: Part 2
tive management. A business owner or manager must understand what triggers tax compliance and obligation requirements In addition to the different typPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 ive In/74 Part III: Dealing with Small Business Financial Issuesa new state Is often much easier said than done. This decision can carry with It a requirement to comply with a series of new licensing, taxation, and regulatory mandated costs that may erode profits and consume expensive management tim Ebook Small business financial management kit for dummies: Part 2 e and resources. By establishing the presence of a business operation In a new legal Jurisdiction, a company's tax compliance requirements often growEbook Small business financial management kit for dummies: Part 2
exponentially.When the term nexus is used, it generally refers to the fact that a business has established a legal operating presence within a specifiPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 ing a small branch office operating (in a state). Once nexus has been established, the tax floodgate opens wide. The jurisdictions of the taxing authorities that your business is subject to represent the starling points for evaluating whether your business must comply with the variety of slate, coun Ebook Small business financial management kit for dummies: Part 2 ty, city, and/or local taxing regulations that will most likely be present.Coming to Terms Idith Income Taxation and the Business Legal StructureA busEbook Small business financial management kit for dummies: Part 2
iness’s legal structure can Influence the type and amount of capital raised (see Chapter 10). Furthermore, the legal structure of a business also has Part IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 of the legal entity responsible to pay the income taxes?When you hear the term pass-through entity used in a taxation context, it’s referring to the fact that the business entity will pass Its taxable profits (and losses) on to the owners of a business who then must pay taxes on the not profits or Ebook Small business financial management kit for dummies: Part 2 losses allocated to them. As a result, the Individual shareholders — not the legal entity — are responsible for calculating, reporting, and remittingEbook Small business financial management kit for dummies: Part 2
the Income taxes due.Understanding the different types of legal structures available to form a business and their related impact oil income taxes is iPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 lax rales for a regular c corporation are basically the same as the high-end income lax rates for individuals (with lop federal tax rates of roughly 35 percent), so the overall income tax the federal government receives (from either source) is about the same. However, a regular c corporation has a Ebook Small business financial management kit for dummies: Part 2 significant lax disadvantage because of double taxation —the profits generated from a regular c corporation are taxed first at the corporate legal entEbook Small business financial management kit for dummies: Part 2
ity level. Then, If the corporation declares a dividend payable to the shareholders of the company, the dividend is subject to Income taxes at the IndPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 es). Figure 9-1 provides an example of how the double taxation Impacts a regular c corporation and its shareholders.p** Subchapter s corporation: A subchapter s corporation is a pass-through entity, which means that Its taxable profits and losses are transferred to the individual owners of the legal Ebook Small business financial management kit for dummies: Part 2 entity. The good news with a subchapter s corporation Is that the company's profits are only taxed once al the individual level. In addition. If a suEbook Small business financial management kit for dummies: Part 2
bchapter s corporation generates a loss, the loss is passed through to the owners of the company; the loss may be able to be used against other compenPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 in benefits, such as health insurance, paid to more than 2 percent OÍ the owners are restricted in terms of the deductions realized by the owner on their individual returns. Second, the income taxes owed represent a personal obligation and not a corporate obligation. In a regular c corporation, the Ebook Small business financial management kit for dummies: Part 2 income taxes represent an obligation of the legal entity — it protects the shareholders’ assets if the income taxes aren't paid. In a subchapler s corEbook Small business financial management kit for dummies: Part 2
poration, income lax obligations are personal — if they're not paid, the taxing authority can pursue personal assets to colled the balance due.v" LimiPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 oration in that it provides legal protection for business related matters to the owners of the LLC while passing through the taxable profits or losses to the owners. However. LLCs have additional advantages in relation to how taxable profits or losses are distributed, hi a subchapter s corporation, Ebook Small business financial management kit for dummies: Part 2 the profits and losses must be distributed in relation to the proportionate ownership held by each shareholder. For example, if John Tracy owns 35 perEbook Small business financial management kit for dummies: Part 2
cent of a subchapter s corporation, then John Tracy will be allocated 35 percent of the profits or losses for the year, hl an LLC. the distribution ofPart IIIDealing with Small Business Financial IssuesThe 5th Wave By Rich TennantSchedule A and 3, then he VJ3G hit by Schedule D, vrhich brought him t Ebook Small business financial management kit for dummies: Part 2 is member may receive only 25 percent of the profits or losses (to recognize a reduced management role within the company). This type of flexibility can greatly assist with rhe proper structuring of an LLC In terms of providing different “Incentives” to the Investors and executive management ream of Ebook Small business financial management kit for dummies: Part 2 the LLC.JX Partnerships (general and limited) & sole proprietorships: Generally speaking, partnerships and sole proprietorships are usually reservedEbook Small business financial management kit for dummies: Part 2
for the smallest of business entitles with only very few owners (for example, one to three). Partnerships and sole proprietorships are pass-through enGọi ngay
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