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Here’s a fun topic that is generally not thoroughly researched by the public. If it was, I believe entries for sweepstakes and lotteries would be far less common. Still, the allure of winning that car, home, trip, or cash of your dreams is far too attractive to let some pesky thing like taxes come in between you and your newly found spoils. Right? Well, maybe it shouldn’t be. I’ll explain below.   Lottery I’ll start with the form of gambling that nearly everyone is aware of…s

Many items we buy for use in business can be expensed in the year purchased. This means the value of office supplies, some computers and furniture, and other items needed to operate a business can be placed on the profit and loss statement as an expense which reduces net income. However, not all items we buy are allowed to be expensed in the current year and must be capitalized. So, instead of being able to “write-off” the entire item as an expense, we must put the new asset

This post took entirely too long to get here. Alas, here it is. I have had plenty of people ask me whether switching from a single member LLC to an S Corporation is right for them. The answer will always be “it depends.” There are way too many variables to give a definitive answer in a quick five-minute conversation. The best way to know whether making the switch is right for you is to map out the difference in taxes and other costs between the two entities. For the purposes

Thinking about electing S-Corporation status? Here's what you should know.