PCS Blog
Tax Tips and More
Tips and tricks to help small businesses, investors, online businesses, and entrepreneurs.
What is a DBA?
What is a DBA? If you’re an entrepreneur or small business owner, you’ve probably heard the acronym from time to time and wondered, “What does DBA stand for?” DBA is a term that means “Doing Business As.” A DBA is any registered name that a business operates under...
Deducting Business Travel Expenses
With lockdowns coming down to an end and travel opening back up, many business owners will be looking to go to conferences or start traveling more to educate themselves and to restart meeting face-to-face with clients and partners. Deducting business travel expenses...
What is an LLC? Definition & Benefits | PCS
Setting up an LLC can be a great move for your business. But before you do anything, make sure you understand what an LLC is, how an LLC works, and why an LLC might be the right legal structure for your business. At Prime Corporate Services, we’re experts in helping...
How To Pay Yourself From Your LLC Or S Corp
How To Pay Yourself From An LLC Or An S Corp As a business owner, deciding how to pay yourself can be a tricky task. How you pay yourself will dictate how you are taxed on your business and personal income. Paying yourself the right way from your LLC or S Corp can...
Qualified Business Meals Are 100% Deductible Until 2023
When the Tax Cuts and Jobs Act was passed in 2017, there were significant changes to the tax code for companies. Some of the changes were helpful, and some hurt businesses. For example, the QBI tax deduction helps significantly, which allows businesses to deduct 20%...
Personal Standard Deduction vs Personal Itemized Deductions
Tax season is here and when it comes to filing your personal taxes it is important to know whether or not you should take the standard deduction or itemize your personal deductions. You can either take the standard deduction or you can choose to itemize, you cannot do...
Covid Relief Programs & Your 2020 Taxes – PCS
Filing Your 2020 Taxes, What You Need To Know Tax Season is here and for many small businesses and how hard 2020 was with the coronavirus pandemic, there were a few changes to business taxes in 2021. Businesses saw many new tax incentives, breaks, and rules as...
2020 Year-End Tax Tips
Act before December 31 to increase your tax breaks Whether you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may be able to save a bundle on your taxes if you make the right moves before the end of the year. 1....
Avoid Tax Surprises Next Spring – It’s Never Too Early To Check Your Tax Withholding – PCS
While it probably seems like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is being withheld from your earnings – and avoid a tax surprise next year when filing your...
Can A Gift Be A Tax Deduction?
When running your business, oftentimes you will need to buy gifts for partners, prospective clients, or employees. The question becomes… can a gift be a tax Write Off? In general, gifts are not taxable. However, the IRS puts a cap on the amount of money a person can...
Home Office Deductions – Can You Take Them – PCS
With a properly established business, the door of itemized business deductions opens, and many deductions may seem like they are applicable to you. With most of us now working from home, Home Office Deductions offer a variety of different deductions that...
The Three Legal Trading Statuses with the IRS – PCS
As an investor or trader, there are three trader tax statuses that you will fall under. With the new tax code, your trader tax status with the IRS will dictate how you are taxed and more importantly, how much you will be taxed. Understanding what trader tax status...
How to Save On Your 2020 Business and Personal Taxes – PCS
We are almost halfway through a very uncertain year. We hope that your business has been able to prosper in these trying times. With the year reaching its halfway point, we wanted to make sure you continue to think about your taxes year-round and how you can keep more...
Food & Entertainment Tax Deductions – PCS
A popular misconception among business owners is that you can deduct 100% of your business meals and entertainment. Contrary to popular belief this is not the case. The tax cuts and jobs act eliminated all deductions for entertainment costs. Simply put, taking a...
5 Tax Hacks To Help Your Small Business Save In 2020 – PCS
As a small business or investor, every penny counts. Making sure that you are capitalizing on writing off your expenses, and maximizing your deductions will help ensure that you’re keeping as much of your money in your pocket as possible. Here are 5 tax hacks...
3 Business Deductions & What You Need To Be Aware Of – PCS
As 2020 comes to a close, it is important to have some knowledge of what you can and cannot deduct. Three main deduction categories often have grey lines that could use some clarification. Those categories are Home Office, Technology Purchases, and Travel. While you...
Importance Of An Estate Plan
Many people think that creating an estate plan is only for the wealthy, but the truth is anyone with a home, and a family should have a comprehensive Estate Plan established. Creating an Estate Plan is a crucial part of protecting what you have worked so hard to...
5 Ways To Separate Your Personal And Business Finances – PCS
Starting a business is an exciting and scary time for many. As an Entrepreneur, it is vital to separate your personal finances from your business. Many business owners make the mistake of not keeping personal and business funds separate. This mistake will harm...
Health Savings Account (HSA) & It’s Tax Benefits – PCS
Contributing to an HSA Could Save You Thousands In Taxes This Year What is an HSA An HSA is a government-regulated savings account that allows you to set aside income to cover health care costs that aren’t paid by your insurance. Health savings accounts are only...
Bill Of Rights As A Tax Payer
Similar to the Bill of Rights we have as U.S. Citizens, we have a separate Bill of Rights as Taxpayers. Knowing your rights as a taxpayer can play a crucial role in any interaction with the IRS. Here are your rights as a taxpayer and how...
5 Tips For Small Businesses To Avoid Being Audited – PCS
No one wants to be audited. Here are 5 tips on how to avoid being audited If you have been through an audit, whether on personal or business, you know that it can be incredibly stressful and time-consuming. As small business owners, we all know that time is limited...
How To Select A Tax Specialist For Business Taxes – PCS
How Do You Select A CPA? Let’s face it, there are thousands of CPA’s and tax firms out there that claim they are the best fit for your taxes, but the fact is, not everyone is qualified and understands your specific business and personal needs. There have been many tax...
Tax Reform & What It Means For Small Businesses – PCS
The Tax Reform Changed In 2017 and will be in effect until at least 2025 The Tax Reform – The Tax Cuts and Jobs Act, enacted in December 2017, affects nearly every business and individual in 2018 and the years ahead. As a small business or...
Funding Options For Small Businesses – PCS
Fund Your Business The Right Way. Securing capital is often the first step for new or growing businesses. Funding can be obtained from a variety of sources, and business owners must weigh their options carefully to make the best decision. Investors – Business can...
Sole Proprietorships, Implications, and The Solution – PCS
Sole Proprietorship If you’re in business for yourself, and you haven’t created a formal business structure, then chances are, you’re already a Sole Proprietor – so make sure you understand the implications! * Liability – Sole Proprietors are personally liable for the...
The Importance Of Business Credit
Build Your Business Credit Profile To Set Up Long Term Funding Many small business owners use personal credit to run their businesses. However, doing so could put you at risk if your business is in trouble. Plus, many creditors today are moving away from...
Limiting Personal Liability In A Business – PCS
Reasons to limit personal liability in your business Legal Liability A lot of small business owners don’t realize how risky it is to run their own company. Even if you don’t operate in an industry with a lot of risk (such as real estate, or...
Alternative Sources For Business Credit – PCS
Conventional bank loans, personal savings, and venture capital are not the only sources of capital for businesses. Here are four other sources of credit for businesses: – Small Business Association 7(a) loans. The federal government sponsors this program....
The Suspension Of Section 212 & What It Means – PCS
In December of 2017, President Trump signed the Tax Cuts and Jobs Act. This was a huge piece of legislation that affects a lot of areas. It includes new tax brackets, increased standard deduction and elimination of personal...
3 Main Benefits Of Having A Business Entity – PCS
Starting a business comes with countless decisions you hope to get right. There is one decision that is a no brainer… Forming the appropriate entity as the foundation. While entities open the door to several benefits, today we’ll explore three that no business owner...
Business Credit & How To Set Up A Profile – PCS
Many small business owners do not know they can establish and build a credit score for their entity. Business credit is the measure of a business’ financial responsibility and track record of how a business meets it’s financial obligations. It can also be used as an...
LLC’s Vs. Sole Proprietorships
Limited liability companies (LLCs) and sole proprietorships are some of the most common types of businesses, and each offers unique advantages. Both are what are called pass-through entities, meaning that profits and losses flow through to one’s individual tax return....
Understanding Corporate Capital Gains Tax
Corporate Capital Gains Tax comes from the profits from the sale of an asset which could be shares of stock, a piece of land, a business. How long you have had the asset before selling will dictate how and how much you will be taxed on your profits. In 2020 the...