Small Business

When an officer of an S Corporation performs services for the corporation and are entitled to receive payment for those services then their compensation should generally be considered wages.  Under the Internal Revenue Code, corporate officers are specifically included in the definition of an

For business owners with questions about deducting expenses for travel, meals, entertainment, and gifts, here is a small overview.  Generally meals and entertainment are deductible as long as they are ordinary and necessary expenses that are directly business related.  An ordinary expense is one

If you are a business owner wondering whether to treat an individual working within your business as an employee or an independent contractor, here is what you should consider: 1.  Does your company have the right to control what the worker does and how they do it?  Are they allowed to work for

If you are small business owner and use part of your home exclusively for business then you may be able to take a deduction for your home office.  In order to be able to take the deduction then you must you the "home office" portion of your home: Exclusively and regularly as your principal place

When keeping track of meals for your business as an expense, keep in mind that some meals are only 50% deductible while others are deductible at 100%.  Meals that are 50% deductible: Meals for business meetings of employees, stockholders, etc.  Meals during business travel.  Meals at

Single member limited liability companies (LLC) are ignored for federal tax purpose. Thus you will be taxed as a sole proprietor. Adding a limited liability company, however. will offer liability protection. This can be important. You have the simplicity of a sole proprietor but the liability