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DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Elect S corporation status by March 16

Elect S corporation status by March 16

If you own a small business, you have until March 16, 2015, to choose S corporation status for this year. In order to become an S corporation, you'll need the unanimous approval of all shareholders.

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Understanding Tax Terms: Flow Through Entities

Understanding Tax Terms: Flow Through Entities
What are they? Why should you care?

Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C-Corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "flow-through" entities like S-Corporations and Limited Liability Companies (LLC).

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