Accounting News and Notes » Tax News…For Georgia/Nationally & the IRS

Duluth CPA Advises Gwinnett Business Owners

John Dillard — Tue, 03 Aug 2010 17:13:27 +0000

Duluth CPA Advises Gwinnett Business Owners

IRS Final Due Date for 2009 Calendar Year Corporate Income Tax Returns is September 15, 2010.

Wanted to be sure I gave you plenty of notice.

The 2009 corporate income tax returns final due is September 15, 2010. To ensure we have plenty of time to prepare your returns by the due date I suggest you get me your corporate data by August 15, 2010.

Please be reminded that the final due date for personal returns is 10-15-10 and that the IRS deems an extension to file as not an extension to pay and that any/all unpaid tax monies due on 2009 personal returns should be paid ASAP.

Please be reminded that the IRS/GA offers no extensions beyond the above dates and that after that they both will add late filing penalties to already potentially due late payment penalties and interest.

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

John Dillard, CPA of His CPA, PC (A Gwinnett CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ (All Rights Reserved) To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304. To discover John Dillard’s Published Books and their vision visit http://www.john-dillard.com/

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock, Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford & Beyond

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WWJD: What Would Jesus Do if He Was a CPA?

John Dillard — Thu, 13 May 2010 15:16:19 +0000

WWJD: What Would Jesus Do if He Was a CPA?

Working with a Faith Based/Christian CPA Firm

As a Body of Believers we are called to excel in all aspects of our lives we are to pursue profit maximization for our business. We are mandated as well to treat all as WWJD, “What would Jesus do” and in so doing, we are called to be the very best we can be. It is to this end and to this and only that His CPA is committed. First and foremost our goal should be to serve those we work with and our clients. However, our lives should not be transitional in nature. Although my short term goal is to save my business monies by limiting their taxes as much as possible, my relationship with my clientele is not towards a much broader long range vision in mind. For each and every client regardless of class, heritage or giftedness, my long-term vision remains the same. I strive and eagerly communicate with zeal and enthusiasm the ultimate goal I have in mind as I serve each and every client.

Our prayers and hopes should be on how well we can serve others. WWJD: What Would Jesus Do? We work with you to ensure that we both are successful. My goal is to always impart wisdom and judicious guidance to you and your business helping to enable you to better run your business and to prepare your taxes. The below is a sample letter we might send a client to ensure that your personal and corporate income tax returns are prepared and that each taxpayer pays only their lowest legal possible tax:

In reviewing the data that you forwarded I had the below critiques/thoughts

On your recap of your data please take a look at the $9K of payroll taxes as should be closer to $4K, given your gross wages.

What was the monies listed for prior year taxes. If personal those monies should be coded to shareholder distributions.

Please re-title the account shareholder equity to shareholder distributions. Keeping your internal bookkeeping and internal financial data correct is essential to obtaining useful management information from your internal Balance Sheet & Profit and Loss.

Please add the year end check book balance to the recap, while being sure that beginning cash, plus income, less expenditures equals the year end checkbook balance.

Please note I still need the church year end receipt for your tithing.

Please get to me the amount of property taxes you paid on your car.

Your year-end mortgage statement showed $1100 for real estate taxes, while your escrow analysis listed that amount twice. Please let me know the correct amount for the total real estate taxes paid on your home in 2009.

Also I suggest you use the below checklist to ensure that you have forwarded all of the required information to process your personal return.

To process your personal income tax return, please forward:

All reported income forms, i.e. Forms W-2, 1099, brokerage statements, interest, dividends, etc.
Details of all medical expenses with copies of all individual items over $1,000.
The year-end Mortgage Interest Statement from your lender along with copies of all individual items over $1,000.
Be sure to include any changes in address, dependents, filing status, or any other substantive changes from the prior year which would have impact on this year’s return.
Please forward student loan interest, child care expenses, tuition, and any other miscellaneous deductions/income.
If you are a new client to us please bring along for both corporate and personal a copy of your prior year tax returns. If a brand new corporation, please forward along a copy of your incorporation papers, Federal ID #, and your S Corporation acceptance.
If you have had any independent contractor/proprietorship income you have earned, whether you have received a Form 1099 or not, please use this form to recap all revenue and expenses.
All K-1s where you and an ownership interest including an acknowledgment if you have sufficient basis to take the losses listed.

The initial filing date for personal returns is April 15. Returns not filed by that date both the IRS and GA allow for a six month extension. Be reminded that there are no valid extensions after the October 15 final due date lapses. An extension to file is not an extension to pay and that you are required by tax law to pay applicable taxes as the monies are earned or you will be subject to additional penalties and interest. Please be reminded that the mileage rate for 2009 is 55 cents per mile. For 2010, the mileage rate is 50 cents per mile. Turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. IRS tax rules require you to have a day by day log to support business miles. Extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate.

A Christian CPA Firm: Never Underestimate the Long Term Benefits

John Dillard is an Christian Speaker/Author and a Duluth GA CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved)

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

Serving Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, New York, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Antonio, San Diego, Dallas, San Jose, Detroit, Indianapolis, Jacksonville, San Francisco, Columbus, Austin, Memphis, Baltimore, Fort Worth, Charlotte, El Paso, Milwaukee, Seattle, Boston, Denver, Louisville, Washington D.C., Nashville, Las Vegas, Portland, Oklahoma, Tucson, Albuquerque, Long Beach, Atlanta, Fresno, Sacramento, New Orleans, Cleveland, Kansas City, Mesa, Virginia, Omaha, Oakland, Miami, Tulsa, Honolulu, Minneapolis, Colorado Springs, Arlington, and Beyond.

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Flowery Branch/Johns Creek/Hall/Forsyth CPA on Using Estimated Tax Payment Forms

John Dillard — Mon, 12 Apr 2010 18:36:02 +0000

Flowery Branch/Johns Creek/Hall/Forsyth CPA on Using Estimated Tax Payment Forms

Perhaps the most common error is the failure of taxpayers to anticipate their current year’s taxable income and to plan ahead by paying the IRS and state taxes as the income is earned. Failure of taxpayers in any of the above areas will also negatively impact their ability to plan for and pay their taxes on a timely basis. Also the U.S. tax system is a graduated system in which the marginal tax rates increase as does a taxpayers income. Taxpayers fail to see their return as the dynamic calculation that it is, as income and lifestyle changes and tax law continually impact a taxpayer’s final calculation of tax liability.

Find a CPA who aggressively works to be proactive in the planning for and anticipation of what will be your year-end liability. Put our firm to work for you to avoid unnecessary and unpleasant surprises. Below is sample letter we might get from a taxpayer seeking to understand the nuances tax planning and how to pay your annual tax liability.

Didn’t realize I could do that, I saw your notes on it though. Certainly sounds easier though. Would I have to send in 500ES/1040ES forms just for record even if no payment is due?

I’d estimate 2010 Corporate Profit before my salary would be 20% more than what it was in 2009. That’s optimistic, but I’m an optimistic kind of person. 2009 was a very slow year, and things are starting to get better, actually much better than 2009 so far. Last month was our one of our best months ever. Strangely things still feel really tight, but one foot in front of the other we’ll grow through it, I hope .

Below is my response:

Using your estimate I will do some tax planning and calculate based upon that what your total withholding for the year should be. As things change (up or down) please do not hesitate to adjust the withholding accordingly.

You are right it is after all other business expenses but before any salaries and distributions to you, as these will be the monies that you pay taxes on. Essentially this will be your projected W-2 and the K-1 from the 2010 Corporate Income Tax Return/Form 1120S. In essence it would be taking the net income off of the Profit/Loss and adding back you salary.

Please put on your schedule the first of September of this year to get an updated projection to me so we might update your withholding accordingly. You will not have to file the IRS Tax Form 1040ES or GA500ES as you will be paying all of your projected/estimated taxes via payroll withholding.

1 John 5:14 This is the confidence we have in approaching God: that if we ask anything according to his will, he hears us.

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits. Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

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Award Winning Alpharetta/Atlanta CPA Reminds Taxpayers That Personal Income Tax Returns are Due April 15, 2010

John Dillard — Sat, 13 Mar 2010 14:29:09 +0000

Award Winning Alpharetta/Atlanta CPA Reminds Taxpayers That Personal Income Tax Returns are Due April 15, 2010

The initial due date for personal returns is April 15. For returns not filed by that date both the IRS and GA allow for a six month extension. Please be reminded that there are no valid extensions after the October 15 final due date lapses. Please be reminded that an extension to file is not an extension to pay and that you are required by tax law to pay applicable taxes as the monies are earned or you will be subject to additional penalties and interest. When processing personal returns our primary concern is both accuracy and ensuring that ever taxpayer pays only their lowest legal possible tax. Below is a sample letter that we might send to encourage taxpayers to forward all of the necessary documents and information required to properly file the return:

In getting started on your personal return I did not see:

-What you paid in estimated tax payments by date to both the IRS & GA for 2009. For 2010 I suggest we do tax planning (after you give me a net profit before distributions and salary to the owners) so I might advise you to adjust your withholding accordingly. I recommend all of my clients pay all of their taxes via payroll withholding as the IRS and GA will add tax penalties and interest for late payment. For all Business Owners I recommend you use a payroll service to help out with the burdensome administrative and reporting responsibilities of processing payroll.

-I did not see the property taxes/ad valorem on your personal vehicles.

-I need the purchase date of the stock you sold so that I can properly classify the gain between short and long term and capital gain.

Please be reminded that the mileage rate for 2009 is 55 cents per mile. For 2010, the mileage rate is 50 cents per mile. Please turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. IRS tax rules require you to have a day by day log to support business miles. Please be reminded that extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate.

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits. Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

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Gwinnett/Duluth/Atlanta CPA Reminds Atlanta Taxpayers That Corporate Returns are Due March 15, 2010

John Dillard — Fri, 05 Mar 2010 12:58:05 +0000

Gwinnett/Duluth/Atlanta CPA Reminds Atlanta Taxpayers That Corporate Returns are Due March 15, 2010

It is certainly that time of year again. Please be reminded that corporate returns are due March 15. If we want to file by the due date, I will need to receive your data in next few weeks so that I will have an ample amount of time to file. As always, I will file for the automatic six-month extension in the event I do not get the data in time. Please be reminded that an extension to file is not an extension to pay and that both the IRS and the state expect you to pay your taxes as you earn the monies. Please be reminded there are no valid extensions after the September 15 final due date lapses. Below you will find a checklist to prepare your Corporate Income Tax Returns:

To process your corporate return, please forward your balance sheet and your profit and loss and copies of any W-2’s the corporation might have issued. If you have not yet done so, please be reminded that 1099’s should be issued by the end of January; your payroll service will handle this if you get them the information. Before you send the current year’s financial please be sure to always review the prior year’s balance sheet on the tax return and ensure that your internal books equals the return while being sure to make any appropriate adjustments. That way you will be assured of starting the year off with a clean set of records which will otherwise distort you current year’s operating results.

To complete your corporate return, please forward:

Your year to date Balance sheet, Profit & loss
Year end Bank Statements and Bank reconciliations
Aged Accounts Receivable
Year-end Inventory
Aged Accounts Payable
Year to Date Payroll Records by Employee
Notes Receivable and Payable Balances at Year end
Copies of new Notes
The amount of medical insurance paid for each shareholder
If your company is new, please forward copies of the incorporation papers.

Before you send your Year-End Financial Please be sure that:

The general ledger balance agrees to your checkbook and your bank reconciliation.
The Accounts Receivable balance agrees to your internal aging reports.
The Accounts Payable balance agrees to your internal aging reports.
You advise of any fixed assets that have been acquired or disposed of during the year.
That ALL of the balance sheet and profit and loss accounts are correct.
That you have only one retained earnings account.
That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.
That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.

This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success! This is to confirm that I suggest that you formally tax plan at least twice annually.

http://www.hiscpa.com/article6.html Alpharetta/Roswell CPA Teaches the Tax Effects of Entity Choice
http://www.hiscpa.com/marketing-efforts.html Norcross/Sandy Springs CPA on Tracking Marketing Statistics for Your Georgia Business

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use.

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

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Atlanta CPA Presents Should Your Newly Incorporated Business Use a DBA (Doing Business As)?

John Dillard — Wed, 02 Dec 2009 14:42:07 +0000

Atlanta CPA Presents Should Your Newly Incorporated Business Use a DBA (Doing Business As)?

-Determining if You Should Trademark the Name of Your Business

Recently I received an inquiry off of our website for a new business owner seeking to know how best name and market their firm:

I am the owner of a new business. I have a few questions regarding the changing the name of my business or rather setting up a “Doing Business As.” It is my understanding that filing a DBA is a better option than attempting to change the name of the corporation. It is also my understanding that setting up a DBA is a $30 fee and is to be set up when the corporation’s annual registration is filed. Is the annual registration included in your yearly tax service fees or is this an additional fee? If this is included, can you add a DBA? Would you include any additional charges to add a DBA, other than the required $30, since you are already filing the annual registration? Please let me know. Thanks.

With the world getting smaller as the Internet helps both broaden your business marketplace and visibility, protecting your business name is becoming more and more important. Below is my response to the above inquiry:

I would always suggest changing the corporate name rather than the DBA. To do so might I suggest you contact Mr. Rick Campbell, Attorney at 770 564 2600. Changing the corporate name will be one less name for you to be sure to protect. To have better protection it would be prudent to also speak to Mr. Campbell about getting a trademark for your corporate name. Please be reminded to consider if your company needs an international, national or state trademark.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

Contact HIS CPA PC (A Christian CPA Firm) today.

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Duluth CPA Firm Advises on 2009 Year End Tax Planning

John Dillard — Wed, 28 Oct 2009 12:31:15 +0000

Duluth CPA Firm Advises on 2009 Year End Tax Planning

It is that time of year again when we need to take a look at your financials to do some tax planning for the year. I have recapped below a list of the items we will need in order to properly evaluate and plan for your year-end taxes as well as address any yearend tax planning ideas.

As the end of calendar year 2009 approaches, it’s time to think about what can be done to minimize the amount of taxes paid to the IRS by your business. Although tax planning should be a year-round process, there are several year-end strategies you can take, particularly if you are an S Corporation.

Here are some things to think about as the end of the year approaches:

Try to keep your inventory as low as possible on December 31st. Since you are taxed based on the value of your goods in stock, it makes sense to minimize your inventory.
Accrual-based taxpayers may want to consider delaying end of December billing until early January. Since income is recognized when it is billed, you can delay the tax effects from 2009 until 2010.
For the same reason, it makes sense to book all tax-deductible expenses and accounts payable before the end of 2009, rather than waiting until next year. This includes your personal expense report for December. Cash-based taxpayers must pay these expenses, while accrual-based taxpayers need only to receive and enter the bills.
There is still time to set up a qualified retirement plan. A defined-benefit plan can be a good way to reduce taxes while preparing for your retirement.
Please be sure to turn in an expense report and obtain reimbursement by years-end for any business expenses you might have incurred personally such as business mileage on your personal vehicle.

Additional Year End Planning Tips

If you have kept track of your business mileage, the rate for 2009 is 55 cents per mile. Please keep in mind IRS rules state that you must have kept a log of the miles you have driven to take this deduction.

Although not directly related to 2009 tax deductions, small business owners should take additional steps to ensure the success of their businesses in 2010. If you expect a big change in your 2010 income, you should consult with an accountant now to minimize the tax impact. If you are a subchapter S corporation, you should plan to have the annual meeting of your Board of Directors as close to the new year as possible.

While this generic tax advice can be helpful to any small business, there are probably some specific steps your business can take to reduce taxes at the end of 2009. We have helped many small businesses in Atlanta and North Georgia minimize their tax liabilities and increase their profitability. We would be happy to sit down with you and discuss your situation. Please feel free to call or contact us.

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Gwinnett CPA Firm on 151,778 Visitors to www.HisCPA.com (A Christian CPA Firm) in 2009 and Counting

John Dillard — Fri, 11 Sep 2009 12:24:17 +0000

Gwinnett CPA Firm on 151,778 Visitors to www.HisCPA.com (A Christian CPA Firm) in 2009 and Counting

Atlanta Accounting & Bookkeeping Services

So far this year 151,778 visitors have been to www.HisCPA.com to gain needed tax advice salient to a wide variety of tax issues. These visitors have not only gained critical tax advice but have also spent a total of 632,408 minutes on www.HisCPA.com That’s a total of 10,540 hours or 439 days and nights.

By visiting www.HisCPA.com you will find a wide host of subjects (listed below) that will keep you coming back again and again. We desire to serve our fellow man and we look to provide current and up to date business and tax information that will have you coming back for more and more. Bookmarking www.HisCPA.com may be the best decision you reach all year.

Income Tax Extension and Estimated Tax Payments

At present 23.8% of the traffic is sourced from Google traffic and 48,981 have opted for a blog feed of the site. Visit www.HisCPA.com today to learn tax as well as faith based articles to encourage you in your Christian Walk.

Contact HIS CPA PC (A Christian CPA Firm) today.

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What Would You Do With $8,000? Utilizing the First-Time Home Buyers Credit

John Dillard — Wed, 09 Sep 2009 12:23:07 +0000

What Would You Do With $8,000? Utilizing the First-Time Home Buyers Credit

What if the government decided today that, instead of bailing out Wall Street, it was going to give every American $8,000? What would you do with the money?For most Americans, paying off credit card debt would be a great way to use the free money. According to a Nilson Report released in April 2009, the average credit card debt per household in the US was $8,329 at the end of 2008. That money from the government would almost wipe out your debt completely. Imagine being completely debt free.

Healthcare is a big topic these days. According to the most current Census Bureau statistics, some 45.7 million Americans do not have health insurance. So, many Americans might choose to use their $8,000 to enroll their family in a healthcare program through their employer. The federal government tracks the average spending on health insurance for people with job-based coverage, and the most recent figures (from 2005!) indicate that the average individual’s premiums were $3,991, while families spent an average of $10,728. Your $8,000 would go a long way in insuring your family.

Some Americans might choose to start a small business. Experts estimate that start-up costs for many new business ventures are between $10,000 – $15,000. With $8,000, a large portion of your initial investment would be covered.

If you really think about it, there are so many things you could do with $8,000. You could open a 529 college savings plan. You could open an IRA and save for retirement… But what’s the point in dreaming. The government’s not giving away $8,000, right? Wrong!

Right now, through November 30th of this year only, the government is giving qualifying first-time home buyers up to $8,000 for purchasing a home (or up to 10% of the purchase price). This is free money that you do not have to pay back. And here’s the best part: if you qualify, you can get your money from the IRS this year, even if you’ve already filed your 2008 taxes.

There are, of course, limitations and other qualifying factors, but they are all pretty reasonable and easy to explain, and we’ll be glad to discuss these with you or anyone you know who is looking to buy a home. With today’s combination of lower home prices and lower interest rates, this temporary incentive from the government is really a great option for many Americans who act now to finally fulfill their dreams of owning a home.

To learn more, you can contact Wayne Black of New Home Finance LLC 770-844-7200

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Alpharetta/Roswell CPA Teaches When you Should Set up a Georgia Corporation

John Dillard — Fri, 12 Jun 2009 12:27:30 +0000

Alpharetta/Roswell CPA Teaches When you Should Set up a Georgia Corporation

Award Winning Results

Incorporating in Georgia is still one of the best things you can do as you plan for your long-term business’s success. Incorporating gives you several advantages that you otherwise could not enjoy.

Establishment of Your Business as Being Legitimate: Incorporating tells the business and social community in which you thrive that you are serious about your operations and that you have taken initial requisite steps to get your business started. All of us want to know that the products and services we buy from others will be supported, so it is with those who buy from us. Many governmental agencies will not even buy or lend to those who are not incorporated and an informed consumer is always looking esoterically for indicators showing a seller’s commitment to their product/services.

Personal Liability Protection: Our world has become full of people who are looking to make a fast dollar and there are those about who are quick to find any get rich method they can find. Nowhere has this become more prevalent than in our court system, which was originally intended and set up to right a wrong. However, now our courts are full of frivolous cases where greed rather than fairness are the watchword. Although there is no such thing as perfect protection you can help limit your exposure by acting in good faith, using good judgment and wise discernment, and incorporating to help limit your personal assets from being exposed to corporate liability.

Tax Entities are Taxed Differently: LLC’s, LLP’s, and Partnerships are often the entity of choice for real estate ventures as real estate can be moved in an out of them without having to pay any capital gain taxes. C Corporations are ideal for those who will have over one hundred shareholders or by nature of their business and capitalization structure need multiple classes of stock. S Corporations are well suited for business owners where, after a reasonable salary is paid to all of the active owners, shareholder distributions are legally devoid of FICA/Medicaid taxes.

Incorporating is the most important tax decision you will ever reach in your business and making it along with a trusted adviser is your best choice. Having served as a CPA in the Atlanta area for decades I have seen many business owners who were either C Corporations or LLC’s, who from a tax savings could have legally saved tax dollars by converting over to an S Corporation for tax purposes. If an LLC, for example does this, it will remain an LLC for all legal issues and with the Secretary of State’s office, but will be solely recognized by the IRS and respective states where the company transacts business, as an S Corporation.

To read more about John Dillard CPA and his CPA practice, business consulting and IRS representation visit http://www.hiscpa.com/

To read about his books A Voice of One, Overcoming Life’s 9/11’s and Charleston Dawn and his speaking ministry visit http://www.john-dillard.com/

Helping Clients with Corporate & Personal Income Taxes, Incorporation Advice, Tax Planning, Virtual CFO, Financing, Business Plans, Back Taxes, Offer in Compromise, Tax Advocacy, Business Acquisitions & Sales, Business Plans, and IRS Representation.

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock, Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond

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