My wife and I have been actively planning for our kids’ college educations for a while. As for many people, creating a plan to efficiently save enough for our kids’ college careers is a difficult task. We found that creating and maintaining a 529 savings plan can help. In fact, it’s one of the most…
Details
A General Partnership is one of the easiest business entity types to create. Why? They require minimal set-up and paperwork as well as maximize your flexibility with businesses structure. The downside to creating a GP is lack of liability protection. As a result, owners may have to pay self-employment taxes on earnings from ordinary income. Explore all…
Details
The Limited Partnership (LP) business entity type is an interesting one and is useful in the right situation. To compare and contrast, an LP is valuable because it offers many of the same tax planning benefits as a general partnership or LLC, but also many of the same limited liability protections as a corporation. This post is…
Details
What is an LLC company type? The acronym stands for Limited Liability Company. The LLC combines the tax advantages of a partnership with the liability protection advantages of a corporation. The LLC company type has become an extremely popular entity choice for new businesses since its creation in the 1990s. Advantages of an LLC company type All…
Details
The home office tax deduction has been difficult to claim in the past. Luckily, the IRS has made it far more accessible in recent years. How, you ask? By simplifying the process as a whole. The IRS released the simplified option in 2013 which can save taxpayers a significant amount of time and paperwork. The…
Details
At Wiebe Hinton Hambalek, we are keenly aware of the potential impact of the Coronavirus (COVID-19). We have already taken steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainty of the outbreak. Visit our pandemic resource center where we will…
Details