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Stephen Nelson's Articles in Business

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You May Have to Pay Income Tax on Your S Corporation S corporations are designed to avoid corporate income tax, but in some cases even S corporation owners will have to pay income tax on their business. Learn when this is the case and how to avoid such taxes from Seattle CPA and bestselling author Stephen L. Nelson. Starting a Business Checklist A recession may be a great time to start your own small business. But refugees from the corporate world may not know how to get started. Fortunately, in this short article, a small business CPA outlines the basics. Setting Low S Corporation Salaries S corporations save their owners taxes by grinding down the heavy payroll tax that owners pay on their profits. But the small S corporation needs to be careful... set a shareholder-employee salary too low and the planned-for savings may trigger an IRS audit. In this article, CPA and tax professor Stephen L. Nelson discusses how long you can go... Protecting a Business Through LLC Incorporation For the small business owner, a limited liability company provides better legal protection than a regular corporation and at a lower cost. CPA Stephen L. Nelson, author of the bestselling books Quicken for Dummies and QuickBooks for Dummies explains... Limited Liability Company Myths Thinking about forming a new business or venture as a limited liability company? Don't let one of the common LLC myths corrupt your decision-making, says CPA and author Stephen L. Nelson. Year-end Accounting To-do List for S Corporations S corporations can save their owners thousands of dollars a year in taxes--which explains their popularity among small business entrepreneurs. Unfortunately, S corporation year-end bookkeeping can confuse and befuddle new and experienced S corporation owners. Use this checklist to simplify the year-end process. Understanding the "Limited Liability Company versus S Corporation" Question Small business owners and entrepreneurs sometimes find the LLC vs S corporation question confusing. But one tax professor says the question is easy to answer if you understand how LLCs work. Tips for S Corporation Business Planning According to the Internal Revenue Service, S corporations represent the most popular form for doing business in the United States. That popularity isn't surprising given the tax benefits of using an S corporation. But the popularity does mean that entrepreneurs need to understand what's different about business planning for an S corporation. This article does just that. Business & Tax Planning for the Obama Presidency Whether you voted blue or red, if you're a small business owner, you probably want to plan now to reduce business taxes you pay under an Obama presidency.