Missed the Deadline? This is How to File a Late S-corp Election! (Form 2553 Relief)

đź“‹ Key Takeaways Late Election Relief: Missing the IRS Form 2553 deadline does not automatically disqualify a business from S-Corporation tax treatment if relief requirements are met. IRS Safety Net: Under Revenue Procedure 2013-30, the IRS allows late S-Corp elections within a 3-year and 75-day window for eligible businesses that acted in good faith. Reasonable […]

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LLC to S-Corp: S-Corp Tax Benefits and How Much You Can Save

đź“‹ Key Takeaways Tax Efficiency: Switching to an S-Corp election can save profitable LLC owners thousands of dollars annually by reducing self-employment taxes on business profits. Income Splitting: The structure allows you to divide income into two categories: a “reasonable salary” subject to payroll taxes and owner distributions which are not. IRS Compliance: To avoid

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Why Virtual Tax Preparers Are Revolutionizing 7-Figure Business Tax Strategy (And How to Choose the Right One)

Key Takeaways : Virtual tax preparers are transforming 7-figure businesses by offering cost-effective access to specialized nationwide expertise, real-time collaboration capabilities, and scalable services that grow with your business. Unlike local preparers who may lack industry-specific knowledge, virtual services let you choose the perfect specialist from anywhere in the country. Whether that’s a tech tax expert

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Where Is My Amended Return? Complete Guide to IRS Processing Times & Getting Your Money Back

đź“‹ Key Takeaways : Amended returns take up to 20 weeks to process Many business owners miss $10,000+ in deductions from past years We offer free 3-year return reviews to find overlooked money The IRS pays interest on delayed refunds Ready to find money you may have left on the table? Get your filings reviewed

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a black business owner worrying about his accountant

Top 10 reasons why you might need to change Accountants

You ran your Business for a while now, you’ve worked with the same Accountant or Bookkeeper for years, but something doesn’t feel right anymore… You’re wondering if you’re getting the best value out of your Accounting Team but you’re also not sure how to quantify and confirm that. With this being such a common challenge

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10 Dumb Financial Mistakes to avoid as a Small Business Owner

 I should be ashamed of myself! In this blog, I’m literally speaking from personal experience and I wish I would have known better. But instead of hiding my past, I rather swallow my pride and help every Business Owner I can, avoid making the same stupid mistakes I’ve made throughout my Entrepreneurial career. See below

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