Harvey G. Beringer, CPA

You’re at a fork in the road.  This is no ordinary fork with two choices.  This one has five choices.  Sole proprietor, a C Corporation, an S corporation, an LLC (limited liability corporation), or an LLP (limited liability partnership) are the choices.
Tax issues and personal liability are the key issues in determining the best format [...]

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More and more people are becoming self-employed as workers lose full-time jobs and take longer to find new jobs.  It is more important to stay on top of one’s tax obligations than the skill you’re trying to sell.
It is extremely important to be thoroughly familiar with the world of 1099s.  One surprise for some people [...]

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It is important to know your tax rate to determine the tax effect changes in income. While we all welcome an increase in income, we are more concerned with how much of that increase do we have after taxes.

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Children earning limited amount while students.

One can make a limited contribution to an individual retirement account. That amount, however, is limited to 100 percent of earned income or $4,000. Since earned income is not taxed at the “Kiddie Tax” rates, it would make more sense for such a contribution to be made to a Roth [...]

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Letter Ruling 200521003 issued by the IRS allowed the parents of two learning disabled children to claim a medical deduction for the school tuition paid for the children. Since regular school is not designed to deal with learning disabilities, regular school education is not medical care.
This ruling dealt specifically with children [...]

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You may be the owner of a small/medium size business and ask yourself, What does SOX (Sarbanes-Oxley Act) have to do with my business? Since SOX was designed to protect investors and creditors of public companies, that does not mean that some provisions of the act cannot help your business. Section 404, specifically, [...]

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