Skip to main content

Incorporation is a Big Milestone for your Business

Incorporation is a Big Milestone for your Business
Whether you’re just considering a new business idea or already act as a sole proprietorship, incorporating a business is a good decision.

There are several benefits to incorporating your business, all of which you should fully understand before you decide what’s best for your business. Following are some of the must relevant benefits of incorporating your business.

- Asset Protection Through Limited Liability


- Creation of Corporate Identity


- Perpetual Life for the Business


- Transferability of Ownership


- Ability to Build Credit and Raise Capital


- Optimizing Your Income and Taxes


- Retirement funds and qualified plans, like a 401(k)
https://pasfirm.com/2021/11/02/incorporation-is-a-big-milestone-for-your-business/

Comments

Popular posts from this blog

2021 Tax deduction for qualify business use of vehicles 

2021 Tax deduction for qualify business use of vehicles Generally, you can claim vehicle deductions as a business owner or self-employed taxpayer. If you own a business or are self-employed and use a vehicle for business, you may deduct car expenses on your corporate tax return. If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on the portion of mileage used for business. You may deduct vehicle expenses in one of two ways. 1. Actual expenses These include: - a. Depreciation - b. Lease payments - c. Gas and oil - d. Tires - e. Repairs and tune-ups - f. Insurance - g. Registration fees Your deduction for actual expenses is based on the percentage of business use. If for example you use your car 80% for business and drive it 20% personally, you may write off 80% of your qualified expenses. 2. Standard mileage rate Taxpayers who want to use the standard mileage rate for a car they own must choose to use this

Employer Monthly Schedule Depositor – Payroll Tax Deposit Due November 15, 2021

Employer Monthly Schedule Depositor – Payroll Tax Deposit Due November 15, 2021 If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for October 2021 on or before November 15, 2021 . The payroll process includes: - Calculating and preparing paychecks - Accounting for amounts withheld from these paychecks - Making deposits of taxes withheld from paychecks - Reporting on taxes withheld and deposits made. - Semi-weekly schedules are for the largest employers. - Monthly schedules are used by the majority of employers. Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent. https://pasfirm.com/2021/11/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-november-15-2021/