A And M Accounting

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Welcome to A&M Accounting's web site. A&M Accounting has been providing accounting, income tax and consulting services to businesses and individuals in Minneapolis, St. Paul and the surrounding communities for over 10 years. We are committed to providing quality professional services in a prompt and courteous manner.

Switch your regular corporation to an S corporation . If you business operates as a regular corporation (known as a C corporation), investigate the tax advantages of electing S corporation status. A C corporation pays taxes on its income, and shareholders are taxes on corporate income a second time when its is distributed to them (usually in the form of dividends). In a S corporation, corporate income is taxes only once. Individual shareholders report the corporate income on the individual tax returns.

Hire your spouse and children to work in your business . Wages paid will be deductible by your company and taxable to the family member. Your child's earnings will probably fall in a lower tax bracket than yours. Your spouse's wages may provide the basis for making a IRA contribution of up to $2,000 a year. Payroll taxes apply to such wages; however, if you business is a proprietorship or family partnership, they do not apply to wages paid to your children under 18. Compensation paid has to be reasonable for the services performed.

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