"Tips for the Taxpayer" are updated weekly to provide useful tax information. By returning to this site each week you can obtain helpful tax-cutting suggestions, reminders and current tax laws. Of course, remember, these are just "tips" - if you need additional information or assistance please give us a call to schedule an appointment or stop by our office - Walkins are welcome!!

Partnership Tips You need to create a Partnership Agreement In the agreement, state each partner's percentage If a partner becomes deceased, what happens to the business? You need to have Business Insurance so that if a partner does become deceased, the business can continue. Each partner is taxed based on their percentage

Corporate Tips You are taxed ONCE You need to create BY-LAWS stating who the officers are and what shares they hold. Officers will receive a 1099 w/Social Security, Medicare taxed on wages. Employees will receive a W-2 with Federal, State, Social Security and Medicare with-held.