Aurora Financial Services
  • About
    • About Us
    • Contact Us
  • Who We Help
    • Individuals & Families
    • New Businesses
    • Small Businesses
  • Services
    • Bookkeeping
    • Business Entity Planning & Conversion
    • Cost Segregation
    • Self Employment Tax
    • Taxes From Your Couch
    • Tax Planning
    • Tax Preparation
    • Tax Problem Resolution
  • Resources
    • Blog
    • Helpful Links
    • Newsletter
  • Get a Quote
  • Client Portal
Select Page

Businesses can save on taxes and reduce their audit potential with an S Corporation election

by Bill Houston | Jan 25, 2023 | Business Entities, Reduce Your Taxes

The S Corp election is the super tool that can both reduce tax liabilities and audit risk at the same time. Successful sole proprietorships and LLC’s can face higher tax rates due to being subject to both the ordinary income tax and the self-employment tax.  They also...

2019 and 2020 Late filing penalties can now be forgiven in a great many cases

by Bill Houston | Aug 25, 2022 | General Tax Info

This is going to be a huge benefit to many filers. For those taxpayers, including individual 1040 returns, partnership (1065) returns and S Corporation (1120S) that: Filed late and paid a penalty or owe a penalty for late filing for the 2019 and/or 2020 tax year,...

TAX DEDUCTIONS THAT EXPIRED AT THE END OF 2021

by Bill Houston | Jul 27, 2022 | General Tax Info

We typically see Congress extend these kinds of things but in the current environment, that may not happen.  So, here are a few of the tax rules that have expired: The 1 year increase in the child tax credit expired at the end of 2021.  The credit will...

Learn how personal expenses may be partially deductible to your business

by Bill Houston | Jan 28, 2022 | Business Deductions

One of the best reasons to start a new business is to be able to move some of your personal expenses under your business umbrella and make them deductible. This is not an article about tax evasion. This is about using the tax code to your advantage to minimize the...

Claiming Business Expense Deductions Before You Are in Business

by Bill Houston | Jan 22, 2022 | Business Deductions

Business deductions are just that. They are expenses incurred in the operation of your business. The IRS says they have to be ‘ordinary and necessary’ for your business. The IRS doesn’t define ‘ordinary and necessary’ well but common...
« Older Entries

Recent Comments

  • LARGE RETAINER FEES FOR HELP WITH IRS PROBLEMS CAN JUST MAKE THINGS WORSE - Aurora Financial Services on DON’T MAKE YOUR IRS PROBLEMS WORSE BY PAYING LARGE RETAINER FEES

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Find Us:

Aurora Financial Services
1658 Lafayette St., Unit 1662-A
Denver, CO 80218
MAP
Mailing Address:
P.O. Box 3828
Littleton, CO, 80161-3828

Social Media:

Make a Payment:

Contact Us:

If you have any questions or comments, please feel free to contact us anytime by filling out the form. We’ll get back to you as soon as we can. Thanks!

Copyright © 2023 Aurora Financial Services