Author Archives: admin
Establishing the Correct Business Entity in DC
Businesses can be set up and managed under various types of structures. These include sole proprietorships, partnerships, S corporations, C Corporations, and limited liability companies. The type of entity that you select may also change over time as your personal … Continue reading
Bookkeeping Tips for Startups
It is important to start keeping detailed records of your transactions once your business begins to receive income. Prior to that time you may use an excel spreadsheet to keep track of your expenses. The IRS allows you to deduct … Continue reading
Advantages of Conducting Business in Maryland
Maryland’s proximity to Washington DC and having the major port city of Baltimore (the eighth largest port city in the United States) make it an attractive location to start a business. Among large cities, CNN Money ranks Baltimore the tenth … Continue reading
Advantages of Conducting Business in Washington DC
Washington DC is the nation’s capitol. It attracts companies from around the United States who want to do business with the federal government. Many of these companies contract business with the federal government and employ thousands of people. It also … Continue reading
Advantages of Conducting Business in Virginia
Virginia’s proximity to Washington DC and having the port of Virginia with a schedule of 3,000 sailings a year to ports around the world make it an attractive location to start a business. Fifty-six percent of all United States consumers … Continue reading
Recommended Software for Bookkeeping
I recommend Quickbooks from Intuit for your bookkeeping needs. Although Quickbooks may be a little more expensive that other comparable programs, Quickbooks has become the standard for small business accounting and it’s the favorite accounting software
Surviving an IRS Audit in Maryland
I have represented several clients before the IRS over my thirty years of experience. I recently represented a client and I am going to describe the procedures required to defend your position before the IRS.
Cost of Incorporating in Delaware rather than the Washington metropolitan area.
Delaware offers several advantages for incorporation. These include the Delaware General Corporate Law and the flexibility built into the corporate formation process.
Small Business Retirement Plans
There are five types of Small Business Retirement Plans: 1. Simplified Employee Pensions 2. Simple IRAs 3. Solo and Family 401 (k) plans 4. Profit-sharing plans (self-employed keogh plans and corporate plans) 5, Defined Benefit Plans The best plan will … Continue reading
Home Office Deduction for Corporate Owner
The best way to claim this deduction is to use an accountable plan. The accountable plan requires that you, the owner, employee must incur the expenses in the performance of your duteis for the corporation and substantiate the expenses to … Continue reading
