Top Finance And Taxation Services in Fort Myers, FL 33901
Recent Reviews View all
First Merchant Bancard Services
By ctrome August 14, 2013
Got a SPAM call from this phone number (239-936-2530) on my cell phone. Told me that my debit card was cancelled. Wanted my debit card number. No way am I about to give ANYONE that number....if I HAD a debit card. Don't see how your company was given an A rating from BBB. ...read more
J Brooks & Associates, Inc.
By Thatsright1981 October 23, 2012
Jerry and Lorene Brooks are two of the hardest working, most ethical, trustworthy people I know. I would not hesitate to recommend them to my closest friends and family. From accounting to property management and everything in between I would trust them with it all! ...read more
New Photos 23 photos
Blogs View more
Problems with Property Managers
Many people who live in Community Associations (Condominium Associations, Homeowner Associations, or Master Associations) often find they have trouble with their property manager. Read this article about Problems with Property Managers and see what should be happening in the relationship between your Association Board of Directors and your Community Association Property Manager. ...read more
By J Brooks & Associates, Inc. October 23, 2012
Are you Thinking of Starting Your Own Business
I'm going intobusiness for myself. What kind of business do I setup? At JBrooks&Associates, Inc.we hear this question and many more like it a lot. This particular question could be one of the single most important steps in getting your business off the ground. The business type you pick today, will decide how you and your business will handle all of their Income Tax Return decisions as well as many more factors. So let's get on to the question.Your Business Type Choices are: C Corporation, S Corporation, Limited Liability Company (LLC) and Partnership. Below is a brief description of what exactly these different classifications entail: C Corporation The IRS defines a C Corporation in that when forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders. The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends. This creates a double tax. The corporation does not get a tax deduction when it distributes dividends to shareholders. Shareholders cannot deduct any loss of the corporation. Subchapter "S" Corporation A form of corporation that meets the IRS requirements to be taxed under Subchapter S of the Internal Revenue Code. This gives a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership. This means that any profits earned by the corporation are not taxed at the corporate level, but rather at the level of the shareholders. Also known as "S corporation." Having an S corporation status can prove a huge benefit for a corporation. The corporation can pass income directly to shareholders and avoid the double taxation that is inherent with the dividends of public companies, while still enjoying the advantages of the corporate structure. In order to qualify, a corporation must be a small business corporation. This means the following requirements must be met: Must be a domestic corporation Must not have more than 100 shareholders Must include only eligible shareholders Must have only one class of stock Limited Liability Company (LLC) Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner. LLC members are subject to the same alter ego piercing theories as corporate shareholders. However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain. So long as the LLC and the members do not commingle funds, it would be difficult to pierce its veil. Membership interests in LLCs and partnership interests are also afforded a significant level of protection through the charging order mechanism. The charging order limits the creditor of a debtor-partner or a debtor-member to the debtor̢۪s share of distributions, without conferring on the creditor any voting or management rights. Limited liability company members may, in certain circumstances, also incur a personal liability in cases where distributions to members render the LLC insolvent.Partnership If your business will be owned and operated by several individuals, you'll want to take a look at structuring your business as a partnership. Partnerships come in two varieties: general partnerships and limited partnerships. In a general partnership, the partners manage the company and assume responsibility for the partnership's debts and other obligations. A limited partnership has both general and limited partners. The general partners own and operate the business and assume liability for the partnership, while the limited partners serve as investors only; they have no control over the company and are not subject to the same liabilities as the general partners. Unless you expect to have many passive investors, limited partnerships are generally not the best choice for a new business because of all the required filings and administrative complexities. If you have two or more partners who want to be actively involved, a general partnership would be much easier to form. One of the major advantages of a partnership is the tax treatment it enjoys. A partnership doesn't pay tax on its income but "passes through" any profits or losses to the individual partners. At tax time, the partnership must file a tax return (Form 1065) that reports its income and loss to the IRS. In addition, each partner reports his or her share of income and loss on Schedule K-1 of Form 1065. Personal liability is a major concern if you use a general partnership to structure your business. Like sole proprietors, general partners are personally liable for the partnership's obligations and debts. Each general partner can act on behalf of the partnership, take out loans and make decisions that will affect and be binding on all the partners (if the partnership agreement permits). Keep in mind that partnerships are also more expensive to establish than sole proprietorships because they require more legal and accounting services. If you decide to organize your business as a partnership, be sure you draft a partnership agreement that details how business decisions are made, how disputes are resolved and how to handle a buyout. You'll be glad you have this agreement if for some reason you run into difficulties with one of the partners or if someone wants out of the arrangement. The agreement should address the purpose of the business and the authority and responsibility of each partner. It's a good idea to consult an attorney experienced with small businesses for help in drafting the agreement. Although there are multiple variations on the business entity setups, these are the main business organizations.J Brooks & Associates, Inc. has 20 years of combined experience in business entity accounting, taxes, property management and payroll. We can help you decipher the best business organization for you. ContactJ Brooks & Associates, Inc.today atwww.jbrooksai.comor call our office at 239-313-7129. ...read more
By J Brooks & Associates, Inc. October 22, 2012
2012 Tax Season is Arount the Corner
AtJ Brooks&Associates;, Inc.we specialize in Personal and Small Business Income Tax Return Preparation. We offer: Thorough Tax Analysis to Optimize your Income Tax Return Free E-filing with your paid tax return No Cash Required Up Front An Online2012 Tax Organizerto help you gather your tax documents Most Return costLESSthan Block or Hewitt So, when you are ready to do your tax filing, giveJ Brooks & Associates, Inc. a call and see how we can help you and take the stress off your shoulders. Filing Tax returns is what we do, so let the professionals help you! With offices inFort Myers,Cape Coral, andSarasota, we will be there for you! ...read more
By J Brooks & Associates, Inc. October 18, 2012
Related Articles View more
