Monthly Archives: August 2018

Accountant calculating taxes

A Guide on Business Taxes by Corporation Types

Accountant calculating taxesFor some time now, Utah has been regarded as one of the best states for business in the US. It’s primarily because its economy grows at a rate of 2.3% annually compared to the 0.5% of other states. It also boasts one of the most competitive tax advantages for different types of business structures, particularly corporations.

Utah’s flat corporate tax is 5%, one of the lowest countrywide. There are different guidelines CPA firms in Utah follow when filing corporate taxes for various forms of corporations. Here is a guide on the different types of corporations and their respective tax schemes.

C Corporation

This refers to any corporation which is separately taxed from its owners under the US federal income tax law. All profits and earnings are treated as dividends for purposes of income tax. Exchanges of shareholder stocks, however, are not treated as dividends. A C corporation is ideal when some owners actively manage the business while others are only indirectly involved.

General Corporation

This is treated as a separate tax entity from its shareholders. Unlike a C corporation that’s limited to 30-50 shareholders, a general corporation may have unlimited shareholders. Though expensive to form and heavily regulated, a general corporation has tax free benefits like retirement plans, insurance, and travel deductions. The Utah-based accounting firm, Sorenson & Company, says experienced corporate CPAs should be able to maximize these deductions to provide tax relief for corporations.

S Corporation

This is a corporation which passes corporate deductions, losses, credit, and taxes to shareholders for purposes of federal taxes. Taxation in S corporations hence resembles a partnership arrangement as income is taxed at shareholder level rather than company level. To be considered an S corporation, a company must have at most 100 shareholders, have one class of stock, and be an eligible entity.

Different state laws govern the process of incorporation. Corporations are legally recognized and have rights and responsibilities akin to natural persons under Utah law. Consult a CPA firm before settling on your ideal corporation type from the above to ensure you select the best for your business taxes.

Camping Fun in Wisconsin’s State Parks

nice condominiumIf you plan to go on a trip to experience the great outdoors, there’s no place like Wisconsin to experience it in style. Wisconsin’s parks and attractions give travelers and outdoor enthusiasts the right balance between country and luxury.

One of these is Peninsula State Park, the third largest state park in Wisconsin with more than 3,776 acres of woods and beaches that attracts more than a million visitors yearly. If you want to go camping, the park has five campgrounds with 468 family sites. There are also three other group areas which you could reserve for tent camping. There are also accommodations near the state park, including condominium units for rent in Fish Creek.

Going Camping

For those who want to go camping, there are five campgrounds in the park: North Nicolet Bay, South Nicolet Bay, Tennison Bay, Weborg Point and Welcker’s Point. Make sure to choose camping grounds that suit your style, as there are camping areas that have no electricity.

A Day at the Beach

Peninsula’s only beach is found on Nicolet Bay. The beach has two beach volleyball courts, playground equipment and a camp store. Bike and boat rentals area are also found there, so you’ll never run out of water sports and other activities in Nicolet Bay.

Wisconsin’s State Parks

Wisconsin has more than 60 state parks, all of which offer guests indoor and outdoor activities they will find interesting, relaxing, and fun.

But of all these, Peninsula State Park is called Wisconsin’s most complete because of the full range of activities for visitors. It is one of the few state parks which has its lighthouse, a golf course and theater.

Nature lovers would enjoy the hiking and biking trails, the sand beach swimming area while hunting enthusiasts would welcome the archery hunting area. If you like deer hunting, you should know that the only time gun hunting is allowed is during the 9-day muzzleloader-only deer hunt.

Wisconsin has a lot to offer visitors and guests alike, and state parks like Peninsula provide fun and relaxation for the whole family. Whatever outdoor activity you would want, you can find a state park where you would have the family fun you want.

How Can You Help Kids Ease into Moving to a New Home?

young lady happy about her moving housesMoving to a new home is a major life change. Your move may be due to a career change, a growing family, or just a desire for a fresh start. Whatever the reason is, the move is always a big deal, especially for kids.

With a variety of rental properties in Stratford, choosing a house your kid can adjust to will come easily. To make sure they remain happy all throughout the process, there are several things that you can do.

Keep them in the Loop

Moving can trigger depression among some children, according to several psychologists. It may take some time before they get used to it, but you can do it subtly by informing them early on. Let them gradually accept the idea of a new environment.

Talk about it as much as possible, over dinner, during playtime, or even before they sleep. Showing them what the house looks like is another option you may want to try. Let them see what they can explore online within the neighbourhood.

Take them to the House

Driving them up to see the actual house is easy if you’re moving nearby. Letting them see for themselves their next home can be an encouraging feat. Spend time with them in their soon-to-be bedrooms, so they’ll be excited to imagine how it’s like to sleep there.

Show them around and let them see the people they’ll most likely encounter there. A bustling and vibrant community will present a welcoming new home to your child.

Give Them Errands

Keeping kids in the loop means informing them of the move and giving them tasks for it. Letting them take charge of some packing can make them feel more involved in the process. You can ask them to pack their toys and clothes, or you can allow them to help you.

Doing so will ease them into the process of moving. It’s a gentle move that tells them the move is for them and it will be for their good.

Moving is a major life change for your family, but most especially for your kids. Don’t let them be overwhelmed. Instead, help them slowly ease into it.

3 Ways to Boost the Life of Men’s Shoes

boots and polishing materialsPeople have always paid more attention to their wardrobes to the extent of overlooking the need for fashionable pairs of shoes. But no matter good your wedding or birthday suit may look, matching it with a rusty old pair of boots can make the whole attire odd and weird. Shoes, such as Pedigree Ski Shop’s Nordica ski men’s boots, deserve TLC (tender love and care).
Here’s how you can maintain your rack to keep your shoes admirable and in order.

Regularly Clean Your Shoes

Cleaning your shoes is key to ensuring they stay in top shape for long. For leather shoes, avoid washing them in water. Instead, soak a sponge or piece of cloth in a mixture of water and soap and wipe them thoroughly, ensuring all dust, spot and stains are undone.

After that, allow them to air dry at room temperature. Drying them near fire may speed up the process but weaken the fabric, making them wear out faster.

Apply a Conditioner

After some time, your Nordica ski leather shoes men’s will likely dry and start cracking on the surface. To prevent this, consider buying some quality conditioner.

Apply it after every five to ten wears. This makes the leather shoes softer, boosting their life and keeping them new, opines. This shouldn’t be hard for anyone as most of them come with instructions.

Polish Before and After Use

As obvious as it may sound, polishing your shoes regularly is still important. But first, you must wipe off all dust and dirt.

When applying the polish, you must ensure its color matches with the shoe color. Avoid applying too much polish. Instead, apply a thin layer and allow it to take effect for ten to fifteen minutes before you put them on.

Men’s shoe care is a no-brainer thing. It doesn’t require much of your time, labor and money. In fact, it can be done even in an emergency situation since five minutes are enough to sharpen their appearance.

Renovating Your Old Home within Your Budget

house having nice interiorSome houses need fixing up if you want them to last longer. Often, people are scared of renovation, so they put it off until it’s too late. Instead of waiting for significant repairs, start small and extend your home’s lifespan.

Furniture

One of the first items to break down in any home is the furniture. Though you might find yourself a bit sentimental, it’s best to replace your furniture if it becomes irreparable. Choose from wholesale ready-to-assemble closets, chairs, and more. They are affordable and can be set up with ease. Only find the right color or style to fit for your resident’s interior design.

Plumbing

Don’t wait for a pipe to burst or your sink to clog before you start repairing. Besides checking your whole house for broken pipes and taps, call your local plumber and ask them to give you an estimate. This will quickly identify all possible plumbing repairs in your home. If there aren’t problems, you can upgrade the pipes, taps, and shower heads. This is still a small investment because not all areas will need fixing all at once.

Yards and Lawns

Whether it’s a small patch of yard or a big lawn at the back, your property can always benefit from your regularly mowing, replanting, or fertilizing your plants. A grassy yard also encourages birds and bees to visit your garden. You can even go further by hiring a landscape designer to improve all your exterior’s open areas. It’s a small but worth investment for upgrading your home’s value while saving the environment.

Your home is a very important place. It’s a part of the family, and it can bring comfort and joy to those who come back from a long day of work. Give your house a few repairs and upgrades occasionally so that you don’t need to worry about significant renovations for a long time.

A house model of a house for sale

How Can I Reduce Capital Gains Tax When I Sell My Property?

A house model of a house for saleWhen selling your property, taxes are unfortunately inevitable. However, there are ways to help you save some of your money. One of the most common and popular is the capital gains tax exemption.

But what if you don’t qualify for this exemption just yet? Experts at 1031 Exchange Place share some strategies you could use to reduce your capital gains tax:

Wait for five years at least after you have purchased your home to sell it

To qualify for the capital gains tax exemptions, you have to live in the house for two of the five years before selling it. Let’s say that you need to move somewhere else after living in your house for 2 ½ years; you could rent out your house for another 2 ½ years to satisfy the 5-year requirement.

Consider a 1031 Exchange if you’re selling an investment or rental property

Under the Section 1031 of the IRS tax code, you could exchange like-kind properties, also called 1031 exchange properties, so you won’t have to pay taxes on your initial profit. Like-kind properties need to be similar, such that you could exchange an office space for another office space. If one property is worth more than the other property, you could even the deal with cash.

Monitor your selling and home improvements expenses

You would need clear records and actual receipts when filing your taxes, so keep track of all you spend on property upgrades and improvements, so you claim these deductions at tax time.

Sell only after experiencing capital losses

If you are currently generating less income than normal, you could take advantage of your situation by selling your property. Essentially, since income is the main determinant of your tax rate, a lower income would mean lower taxes when you sell your property.

While fulfilling, owning property also comes with headaches, mainly maintenance and the taxes when it comes to selling it. By understanding how capital gains tax work, you could plan your sale to maximize profit even if it’s not initially exempt from capital gains tax.

A group of people doing yoga

Three Habits to Lose Weight

A group of people doing yogaWeight loss process shouldn’t be stressful. But it should involve simple but small changes to your daily lifestyle.

People with excess body fat should have a medical treatment, recommends by Dr. Simonds Weight Loss, an Obesity Medicine practitioner in Raleigh, North Carolina.

Below are tips can apply to your weight loss journey without jeopardizing your health.

1. Have enough sleep.

Your sleeping habits can have either a positive or a negative impact on your health and your body weight. WebMD says that sleeping for at least eight hours every day ensures that you rest your body entirely.

This allows you to wake up the next day more rejuvenated and energized. As a result, your body stays awake and active, which allows you to engage in healthy tasks and healthful eating practices.

2. Engage in regular exercises.

Exercising doesn’t only mean going to the gym to work out. In fact, spending only a few hours at the gym and sitting in your office chair the rest of the day do you more harm than good.

You should embrace these simple tips like walking to the market, school, office, bus stop, etc. Instead of using the elevator, you can walk up the stairs. You can also find a place where you can run for at least thirty minutes daily.

3. Start your day with a good breakfast.

Breakfast is one of the most important meals you can never afford to ignore. Eat heavy, high-energy but low sugar content food so you keep your body awake and active throughout the day.

Taking foods with a high protein content can be an added advantage. When you take your breakfast seriously, you are likely to eat less during the day, which reduces the effects of unhealthy foods on your body.

Losing body weight is a disease prevention measure. It’s a habit meant to prevent you from dreaded diseases, such as diabetes and obesity. That’s why it’s important to maintain a healthy to avoid paying huge medical bills.

How to Turn Into A Successful Business Adviser

business adviser discussing to his clientStarting up a small business consulting business firm can be a surreal experience. It’s perfectly fitting for someone who wants to become a distinguished business advisor who shares their insights with others. However, starting up your own firm takes a lot of time and effort. So here are a few ways on how to start your life as a consultant and pave your way to success.

Do things right

You have to take things seriously and keep your mind focused on the tasks at hand. You should also avoid making the impression that you’re only doing it as a part-time job. It’s also best to have your own website and prepare a few business cards on hand as well. Another way of creating a strong impression with your client is by establishing your own social media presence as a consulting firm. Start doing transactions for small-time businesses until you create a steady reputation.

Be passionate about it

One of the key things that can drive anyone to success is the person’s passion. You need to know if you’re really into it and not just a faze. See if you have what it takes to carefully plan your day and practice time management. You also need to know if you’re ready for networking as it can be critical to your success.

Plan ahead for any late payments

For someone who’s just starting out, it’s always best to prepare for everything that may happen in the future. There are times when payments can be delayed. That’s why it’s highly advisable to beef up your savings before you start entering the business scene. It’s also not bad to decline or refuse a job once in a while. If you think your plans will not be met, tell your client earlier and clarify your reasons why. This is one way to show professionalism.

Starting up your own consulting firm can be quite difficult, especially if you’re only starting out. That’s why it’s best to undergo a few lessons from an established business brokerage to help you prepare yourself in becoming a business advisor.

3 Top Reasons That You Should Use a Mortgage to Buy a Home

a houseWhen buying a home in a tight market, you’re always trying to beat your competition as you put an offer on the home. One of the ways to do so is by offering to pay in cash. While this may make you look more attractive to the seller, it isn’t the best move to do. Here are three reasons to opt for a reliable mortgage lender in Utah instead.

You get to keep some liquidity

Imagine having used up all the money you had in the bank to buy a home, only to realize the roof needs renovation, or that you are about to be laid off at work. There are numerous things that may come up which need money. By applying for a mortgage, you only get to pay the down payment and the closing fees and are left with money that you can use to take care of unexpected expenses.

That money can be invested in a better place

Having enough money to buy a home means that you have a huge amount of cash you can invest, once you pay the down payment. There are plenty of solid investments that can bring impressive returns. For instance, you could invest in the stock market or start a personal business.

You get a significant tax break

Every homeowner who buys using a mortgage receives a tax break on the interest that’s paid to the bank. The tax break you accrue by the time you are done paying the mortgage is a relatively big amount. Buyers who pay in cash miss out on this benefit.

Ultimately, how you decide to finance the purchase of your home is up to you. But, with all the benefits of using a mortgage to buy a home, it’s almost always the smarter way to go.

Important Tips When Choosing a Welding Company

man welding metal barThere’s no doubt that metal is durable. However, it is still prone to wear and tears through the years. There will come a time when you’ll need new metal crafts, but you don’t always have to replace them with a new one. A simple repair can save your day and money. Be cautious when hiring professional welding services in Edmonton. To make sure that the job will proceed properly, you need to settle a few things when choosing a welding company. 

1. Know the extent of your project.

Determine how much you are willing to spend on your project. Settle what you want when it comes to design, color, and cut. Once you have decided on this aspect, you could begin scouting for a professional welder. Include the time frame when you discuss the project with the welding company.

2. Do your research.

You may look up on the internet for a list of welding companies. Compare the services offered by each company and their corresponding fees. Take note of the comments and reviews about their jobs and work ethics. You may also ask your family and friends for references if they have previously employed their services.

3. Talk with the service provider.

Set a date with the company or the welder himself for an interview. Ask for the welder’s expertise, certificate of training, and license and their possible approach on the project. Inquire if they have the necessary tools and equipment for the job. In relation to that, inquire of their protective gears and precautionary measure while on the job. Lastly, talk about the service fee and the project.  Discuss your project thoroughly and ask about how much it will cost you. Don’t rush in making the deal. You may ask for a few days to think things over before you commit.

4. Put everything in black and white.

Prepare a contract and have your agreement signed by both parties especially for a huge project. Then get the project started on the date agreed upon. Make sure it is done as specified. If you’re looking for professional welders, there are various service providers in town. A reputable welding company should be certified and accredited that they follow a standard in their services.