GJ Named a Top Wealth Manager
July 28, 2010 | 
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Glass Jacobson Investment Advisors is pleased to announce our recognition in the 2010 Top Wealth Manager Survey by “Wealth Manager” magazine. The survey represents the largest, most well established Registered Investment Advisors in the country, and we are proud to be named among them.
Read about the survey criteria and the named firms here.
A Basic Checklist for Starting a Business
July 19, 2010 | Subscribe to our RSS Feed
If you are starting a business, here is a 6 item checklist to follow to ensure you get yourself set up properly. IRS Publication 583 provides even more information.
- Decide your business entity type. This will determine which tax forms you have to file. The most common types are sole proprietorship, partnership, corporation and S Corporation. Your circumstances will determine which is the best set-up for you, and will have a big impact on your financial and tax planning, so be sure to talk to your CPA and attorney before making this choice.
- Be aware of the different types of taxes- your entity choice determines which type of taxes you pay. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax. There are pluses and minues to each scenerio. Again, this choice will depend on your individual circumstances and goals.
- Get an Employer Identification Number. EIN are used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.
- Start off on the right foot by keeping good records. This will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes, and if you are interested in doing business with the government, you will need a special kind of record system. Glass Jacobson has in-house certified QuickBooks Pro Advisors (here and here). If you are using that system, they can help you set it up effectively. By keeping good records, you also protect yourself from fraud.
- Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.
- Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them. As when you chose your entity type, your unique circumstances will determine which method is best for your business in terms of financial and tax planning.
Questions?
Quarterly Update- Words Of Wisdom
July 14, 2010 | Subscribe to our RSS Feed
Click here to read “Words of Wisdom,” an investor Quarterly Update from GJIA’s Jon Dinkins.