“I file my 1120-S every year, so I’m covered.” It sounds reasonable. Your accountant prepares the return. You sign it. The IRS accepts it. Another tax year is officially in the books. So you’re compliant, right? Not necessarily. Form 1120-S
Imagine two S Corp owners. Same industry. Same $180,000 of business profit. Both pay themselves a salary and take additional money from the company as distributions. On the surface, they look similar. But if someone asked each owner one very
Somewhere along the way, “once you hit $50,000 in profit, elect S Corp” became gospel. Business owners repeat it to each other. Social media repeats it. And, unfortunately, some advisors repeat it too. It sounds helpful because it gives you
Arizona businesses know seasonality better than most. Between snowbird season, summer heat driving customers indoors (or out of state entirely), and tourism patterns that shift dramatically by month, a lot of local businesses deal with income that swings hard depending
If your slow season keeps catching you off guard — even though it happens every year — the problem usually isn’t the slow season itself. It’s that you don’t have a forecast, so it feels like a surprise every single
Back-to-school season feels like a “consumer” thing — parents buying supplies, new clothes, that whole scramble. But if you run a small business, especially here in Arizona, this season quietly affects your cash flow too, whether you sell directly to
You don’t need an accounting degree or an hour of free time to keep your books in decent shape. You need one habit, done consistently, for about fifteen minutes a month. Here’s exactly what it looks like. The habit: A
We get asked this question constantly: “Should I switch to an S-Corp to save on taxes?” And the honest answer is — maybe, but not always, and definitely not without doing the math first. Let’s talk through it like actual
Be honest with yourself for a second: when’s the last time you actually looked at your tax situation? If the answer is “sometime around April,” you’re in the same boat as most small business owners — and that’s completely normal.
If you’ve ever tried to Google “Arizona sales tax” and ended up more confused than when you started, welcome to the club. Arizona doesn’t technically have a “sales tax” — it has something called Transaction Privilege Tax, or TPT. And
