By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Tax planning often focuses on reducing current-year tax. In many situations, that is reasonable. Problems arise when tax savings are achieved without considering future income levels, tax brackets, or loss of flexibility. Tax savings are not absolute. They depend on timing and future rate. Using […]
When Tax Savings Create Bigger Problems Later Read More »
By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com In the previous article “Tax Aspects of the Affordable Care Act”, I have discussed how the Affordable Care Act impact individuals and families by introducing new surtaxes, premium credit, penalties. In this article which is Part 3 I will be covering some basic rules ACA
Impact of the Affordable Care Act on Businesses Read More »
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com A limited liability company (LLC), in the plainest language, is a hybrid entity sharing elements of a regular corporation (for limited liability) and a partnership or a sole proprietorship (for income flow through). It is not to be confused with a regular corporation, because it is not incorporated,
LLC and Federal Tax Classification Read More »