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Employer Guide

"Employer Guide" is updated regularly to provide useful tax information. By returning to this site each month you can obtain a variety of helpful tax-cutting suggestions, reminders and current tax laws.

Of course, remember, these are just "tips" and tidbits of general information - if you need additional information or assistance please give us a call to schedule an appointment or stop by our office - Walk-ins are welcome!

Partnership Tips

  • You need to create a Partnership Agreement so that all partners can state their percentage. Partners need to agree on their mission and values so that their shared goals and individual goals are in everybody’s best interest.
  • Partners should schedule regular meetings with each other to address any changes that might affect the partnership. Along with this, partners should also clearly establish what each brings to the table individually. What tasks and roles are they responsible for? Clearly define your tasks and roles when establishing partner percentages.
  • If a partner becomes deceased, what happens to the business? You need to have Business Insurance so that if a partner does become deceased, the business can continue.
  • Each partner is taxed based on their percentage.

Corporate Tips
  • Your tax rate is dependent on the type of corporation you choose.
  • An S-Corporation is widely used by sole proprietors and small business owners while C-Corporations can gain public stock as a benefit.
  • You are taxed ONCE as an S-corp. C-corps go through “double taxation”. C-corps are taxed once as a separate entity and then once again at the individual level.
  • You need to create BY-LAWS stating who the officers are and what shares they hold.
  • Officers will receive a 1099 with Social Security, Medicare taxed on wages.
  • Employees will receive a W-2 with Federal, State, Social Security and Medicare withheld.

 

 

 

 

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