Atlanta CPA Advises on Tax Return Preparation for Atlanta Business Owners

Atlanta CPA Advises on Tax Return Preparation for Atlanta Business Owners  

Keeping tax payers informed is one of the key tenants of assisting business owners with successfully addressing tax issues. Below are excerpts from a sample letter that might be used to ensure that the best CPA advice we can provide is made available to each and every business client:  

This is to confirm that ASAP I suggest:  

-You pay as an estimated tax payment against your 2009 income taxes at least $10K to the IRS and $3K to GA, using 2009 IRS Form 1040ES & GA Form 500ES respectively as these monies are already due and you to not meet the exceptions for paying these monies with the filing of your personal return on 4-15-10. Please be reminded that if we do extend the date to file your personal return that an extension to file is not an extension to pay.

-File and pay your 2009 taxes. Please be reminded that both the IRS/GA are a pay as you go system and that both will add penalties for late payment and late filing in addition to any interest income accrued and owing.

-That you consider and evaluate setting up an S Corporation to protect your personal assets from Corporate liability.

Understanding How Georgia S Corporations Pay Taxes
There are no income taxes are paid with the corporate return. The profits of the business are reported on the personal tax return of the S corporation's shareholders. As long as you pay yourself a reasonable salary, you may also take shareholder distributions out of the business that are devoid of FICA/Medicaid taxes.

Additional components of S Corporations is that if you have corporate losses, and you fund (you put the money in the business) those losses personally, then you can deduct those losses on your personal return. Any losses that are funded by the bank (a direct loan from the bank to the corporation) or by trade creditors are not deductible.

Often you can set up a loan so that the bank lends to you personally and then you could do a personal loan to the company, which will result in you having contributed basis/the dollars to the business, thus making any losses that you fund deductible http://www.hiscpa.com/budgeting.html Duluth GA CPA Helps Reduce Unnecessary Spending: Budgeting 101 by Roswell CPA

http://www.hiscpa.com/article1.html Atlanta/Gwinnett CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html  Gwinnett/Duluth Georgia CPA Teaches Personnel Keys to Managing Business Growth  

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use.  

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/  http://www.john-dillard.com/  To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304  

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!