Updated July 28, 2015
Corporate Tax Planning Chicago Illinois
When doing tax planning for businesses, one of the issues that we look at is the type of entity.
- Are you a sole proprietorship, partnership, or a corporation?
- If a corporation,
then what type?
Answers to these questions will have a profound effect on many income or payroll taxable situations.
- Are we profitable, or are we showing a loss?
Depending on the type of entity and basis, we may be able to deduct the loss of a business off of a personal tax return.
- How are we handling payroll for the owners of the business?
Is it possible for us to take out dividends, distributions, or draws while still maintaining a reasonable salary for the owners of the business?
Answers to these questions may have a profound effect on reducing the payroll tax expenses of the entity.
If you are having problems with your Corporate Tax Planning Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
Chris@AccountingSolutionsltd.com
Additional Accounting Articles and information on my firm can be found at
www.AccountingSolutionsLtd.com
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.