I'm a JD who has a lot of clients either starting or running small businesses such as lawn care, fishing charters, etc.
I want to learn how to better advise my clients on the tax consequences of their business decisions. Specifically the consequences of incorporating in different ways. S corp, C corp, disregarded entity, etc.
Currently I refer this questions out to an accountant, and I will certainly continue to do so. However, it'd be nice to be able to discuss the tax issues as well as the liability issues with my clients at the same time, and before I send them over to an accountant.
What books can I read to get a better handle on this? Is there a good treatise on this anywhere? I'm in Florida so FL specific would be awesome, but not necessary.
Step 1—Collect your records. Gather all business records. ... Step 2—Find the right form. Determine the correct IRS tax form. ... Step 3—Fill out your form. Fill out your Schedule C or Form 1120. ... Step 4—Pay attention to deadlines. Be aware of different filing deadlines.