Mark Bryant, CPA, PC

Choice of Business Entity

markcpa — Sat, 31 Mar 2012 12:00:06 +0000

One of the issues a person in a new business start-up situation faces is what type of entity to choose for the business. There are several main categories that a new business owner/creator can choose from, each one with it’s own peculiar set of advantages and disadvantages. I will deal with these in separate posts.

The basic factors one has to consider in choosing a business entity are the following:

Liability- One of the primary reasons for incorporating or forming an LLC (limited liability company) is personal protection from liabilities incurred by the corporation. These liabilities included the obvious such as debt owed by the corporation. But corporations and limited liability companies also provide protection to the owner personally against potential lawsuits arising from the business.
Taxation- Different business entities are taxed differently. For instance, C-Corporations can be liable for corporate tax if there is any corporate net income. The distinction between entities based upon whether or not they pay taxes can be drawn due to the fact that certain entities, in most cases, do not pay corporate income tax. An example: Partnerships, unless there is some relatively unusual circumstance, do not pay taxes. Whatever income partnerships report is passed through to the partners who are then liable for whatever tax may be incurred from their share of partnership income.

(to be continued)

For Existing and New Clients

markcpa — Sat, 14 Jan 2012 07:06:59 +0000

My existing clients know what to gather for me to be able to prepare their individual tax returns. People who have never used a CPA to prepare their tax returns may not have a clear idea of what CPA’s need to work on an individual’s taxes. The following is a list of basic items:

- Prior year tax return

- All W-2′s and 1099′s received from third parties

- All 1098′s from third parties

- How much was paid during the tax year for:

- Charitable Contributions

- Mortgage Interest paid during the tax year(assuming there was mortgage interest paid that was not reported on a 1098)

- Real Estate Taxes paid during the tax year (assuming there were real estate tax paid that were not reported on a 1098)

- Ad Valorem taxes paid on vehicles

These items are the main items CPA’s look for for an individual with a tax return that includes a 1040 and Schedule (itemized deduction). Obviously, there are many other items I need if the client is a sole proprietor who operates a business or if a client trades stocks during the year.

Should you use a CPA?

markcpa — Tue, 20 Dec 2011 08:52:04 +0000

I don’t know this fellow from Adam but he does a great job explaining why it’s well worth it to use a CPA….

New Business Startup

markcpa — Fri, 16 Dec 2011 08:16:17 +0000

Thinking of starting a new business venture? Besides the more obvious aspects of the business (marketing, product develpment, etc.) there is an aspect of the startup that is often overlooked. The choice of entity is something that many do not give full consideration.

While choosing to be a corporation or limited liability company will give you much the same in terms of liability protection there are (or can be) tax advantages to choosing one form of entity over another.

I will post more on this later but Mark Bryant CPA has over 10 years of experience assisting clients in this decision process. He also assists the client step-by-step in registering with the correct government agencies for incorporating the business as well as with the various tax authorities.

If you are thinking of starting a new business give me a call. You will be glad you did.

New Tax Changes for 2011 Tax Returns

markcpa — Sun, 11 Dec 2011 08:54:59 +0000

Due Date of Form 1040: The due date (not including extensions) for your 2011 1040 tax return is April 17, 2011 due to April 15 falling on a Sunday and April 16 falling on a federal holiday.

Capital Gains and Losses: In most cases you will report your capital gains and losses on the new form 8949 with the total being reported on Schedule D.

Self-employed Insurance Deduction: This deduction is no longer allowed on Schedule SE. You may take it on line 29 of form 1040, however.

2012 Business Mileage Deduction

markcpa — Thu, 08 Dec 2011 02:03:56 +0000

The IRS issued the 20112 mileage rates for the business mileage deduction as well as mileage rates to be used for charitable, medical and moving purposes. They are as follows:

Business: 55.5 cents per mile

Medical and moving: 23 cents per mile

Charitable: 14 cents per mile

S-Corporations

markcpa — Sat, 08 Oct 2011 10:17:17 +0000

One of the ares of expertise that Mark Bryant CPA has is in the area of S-Corporations. Working closely with owners of S-corporations Mark Bryant assists owners in minimizing their overall tax liabilities during the year.

2011 Business Mileage Deduction

markcpa — Sat, 08 Oct 2011 09:48:25 +0000

The end of 2011 is coming soon. One item for those who own businesses should keep in mind is mileage driven for business purposes. The deduction allowed by the IRS for business mileage is 51 cents per mile. Update: For the second half of 2011 (July 1 through December 31, … Continue reading →