You know about sales tax. But did you know about state “use tax”. If you did and you ignored it, you have plenty of company. But now, Rhode Islander’s — especially businesses — need to understand and account for it. Use tax is essentially sales tax that does not get charged at the point of
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Q: I borrowed $300,000 to go to law school. Now I am finally able to make a modest living but my income is “too high” to deduct my student loan interest. That’s Chutzpah! Ellen Dershiwitz, Attorney A: Yup! Don’t you love it? You borrow money to go to school to get a good job, then when you
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There is a new wave afoot in the land; “Social enterprise.” Phrases like “double bottom line and triple bottom line.” Business entities like “B Corp” and “L3C.” What’s all the fuss? Social enterprises typically offer an altruistic form of entrepreneurship that address a societal need while providing a service or selling a product. These “social
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I wrote this piece for elderresourcesofri.com , where you can read the entire article. Elder Resources is a network of professionals, including ALSD founding partner Michael Aaronson, who provide services to seniors and their families. “Congress quietly enacted a major change to Social Security. No one’s current benefits are affected, but the potential for higher
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Q: How do we take distributions from our S-Corp? –Sol Sagan, Billions and Billions of Stars, Inc, Scituate A: Structured properly, distributions from an S-Corp can save the owners thousands of dollars annually in payroll taxes. How? Distributions are profits remitted directly from the company to the owners without going through payroll, therefore not subject
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The beginning of the year is a good time to check your withholding allowances. Are you perpetually behind, or need more money in your paycheck? Remember that you can claim any filing status and number of exemptions on the W-4 for your regular withholding during the year. Read my article. Don’t rely on 1099’s to tabulate your income,
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Here are the steps and links to forming a new (for-profit) business. We strongly advise you contact an advisor (an accountant or lawyer) to help you with the decisions and implementation. Decide on your legal structure – Corporation? LLC? Partnership? Decide on your tax structure – S Corporation? LLC taxed as a partnership? As a
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Small businesses are a lot like countries; they both need ambassadors. Did you think you’re too small for that? Not so fast. Even if business is booming why wouldn’t you want people looking out for you and spreading the word? After all, that’s what ambassadors do and if you don’t already have them it’s not so
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Sales tax is not fun. No kind of tax is fun, but sales tax can be particularly daunting, and it is also considered “low hanging fruit” by many state jurisdictions. Add to that the challenge of filing in multiple states if you are a working artist who participates regularly at shows around the country and
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While Obamacare has expanded healthcare coverage dramatically, it has also created some new difficulties. Consider: “June Cleaver” is a single parent of two boys- Wally and Theodore (“Beaver”). She just became a real estate broker and made $25,000 in 2015. JUNE’S HEALTHCARE OPTIONS FOR 2016 Medicaid. The family’s projected income for 2016 (based on 2015)
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