Understanding the Benefits of an S Corp

If you have been operating as a sole proprietorship or a general partnership, you may benefit from incorporating your business as an S corporation (S corp). Along with having your business treated as a pass-through entity by the IRS, thereby avoiding double taxation, structuring your enterprise as an S corp

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Why is Reasonable Compensation Important?

Avoiding an IRS Audit Making a mistake with reasonable compensation is one of the fastest ways a business owner can be flagged for an audit. Avoid being targeted by the IRS by paying yourself a “reasonable” amount. What is Reasonable Compensation and How do I Calculate it? According to IRS.gov,

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Firm Director Lera Kooper Now Equity Partner

Accountability Services is pleased to announce that Firm Director Lera Kooper has joined Managing Director Dave Fischer on our ownership team. Lera became an equity partner in January, and she is excited about the opportunity to have greater influence over the future of our firm. “Becoming an owner is important

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What is Considered a Business Expense?

Writing off business expenses to reduce taxable income is a vital tool all enterprises utilize to lower their total tax burden. Unfortunately, as not every company expense qualifies as a deduction, it’s also an area of tax accounting where many mistakes are made. In this post, we’ll provide a basic

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Deducting Rental Losses as a Realtor

According to IRS statistics, more than 50% of each tax year’s filed Schedule E forms show a loss when reporting rental income and expenses – but for many landlords, these losses are NOT tax deductible against other nonpassive income. In this post, we’ll explain why. We’ll also show you a

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Building Strong Client Relationships

At Accountability Services, we believe building strong relationships with our valued clients is the key to your success – and ours. Trust and teamwork are everything, and working together is how we best help you achieve your long-term financial goals. Here are some of the ways we take an active

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