Masias Accounting & Tax Services

Earning dividends is a great incentive for investing in certain companies or mutual funds. Dividends are particularly useful for people who need to supplement their retirement income. However, you will need to pay tax on any dividends you receive. Your dividend tax rate will depend on what type of dividends you have, how much you …

What the financial statement can do for shareholders? This is a common question when it comes down to do some investment to the company you own or you’re part of it. Let’s see first what the financial statements are. Financial statement provides a glance of the company from a period of time, from operations, cash …

As we approach to tax session this January 2021, there are many questions you could have that is why the IRS wants you to get ready. Here are some deductions you may or may not know but definitely you could qualify. Standard Deduction Student Loan Interest My Moving Expenses My Gambling Winnings and/or Losses Medical …

A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities. Forming a …

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. Note:  If you do not carry on the activity to make a profit, you must report all of the gross income (without deductions) from the activity on Form 1040 or …

Corporations are taxed differently than other business structures: A corporation is the only type of business that must pay its own income taxes on profits. In contrast, partnerships, sole proprietorships, S corporations, and limited liability companies (LLCs) are not taxed on business profits; instead, the profits “pass through” the businesses to their owners, who report …

A corporation is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. Corporations are allowed to enter into contracts, sue and be sued, own assets, remit federal and state taxes, and borrow money from financial institutions. The creation of a corporation involves a legal process called incorporation where …

It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. In addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a smaller cost, …

LLCs are pass-through entities that shield business owners from certain legal and financial risks. For tax purposes, most, but not all, LLCs are classified as partnerships or disregarded entities. When this is the case, an LLC does not pay state income tax in Florida because it is not a corporation. In rare cases, an LLC …

The liability protection that LLCs receive makes it an excellent choice for many businesses. A limited liability company (LLC) combines elements of a partnership, sole proprietorship, and a corporation to ensure that the company owners are not personally liable for their company’s debts or liabilities. What Does Limited Liability Mean? Limited liability means that its …