top of page
cake-cafe-owners-with-open-sign.jpg

BUSINESS

Not sure what type of Business to open or need help managing your business, we got you covered

Individual
A sole proprietor might do work as an independent contractor and receive a 1099 tax form from their clients at the end of the year. In that sense, they're also an independent contractor. If you're a sole proprietor, the IRS considers whatever business income you earn to be your personal income

Partnership
A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business

Corporation
A corporation is a business entity that is owned by its shareholder(s), who elect a board of directors to oversee the organization's activities. The corporation is liable for the actions and finances of the business – the shareholders are not

S-Corporation
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates.

Fiduciary
A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person's assets for their benefit—and not your own. In a fiduciary relationship, the person who must prioritize their clients' interests over their own is called the fiduciary

Exempt Organization
Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3)

Estate
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate of a person who has died

Gift
A gift tax is the tax on money or property that one living person or corporate entity gives to another. A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else

bottom of page