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R&S Tax and Financial was founded by Rick Wagner and Steve Hoefer with the idea that everyone should have access to the most ethical advisory services available. Their goal was to advise individuals and businesses on the best tax and business strategies to maximize tax savings while minimizing interaction with tax agencies. As a small family office (Steve’s daughters both joined the firm) built by entrepreneurs, we are uniquely positioned to provide that "family feel" with extensive experience in starting and managing businesses.
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MEET THE TEAM
We are here to support you through tax preparation, bookkeeping, payroll,
tax and business advisory services, and fractional CFO services.
tax and business advisory services, and fractional CFO services.
THE TEAM30 Years Combined Experience
Family Feel |
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DONETTABookkeeping
Payroll Business Services |
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TAX NEWS & TIPS
to LLC or not to LLC...
In this day and age, it seems like everyone is saying that you should form a Limited Liability Company (LLC) for tax purposes. However, opening an LLC without real consideration may lead to headaches and unexpected fees. So, when is it appropriate to form an LLC, and what are the things you need to keep in mind?
Typically, an LLC is formed to hold businesses, investments, or other types of property to protect the owner from legal liability. Most people don't need to form an LLC to receive special tax benefits surrounding their investment or property ownership. The same is true for forming an LLC for a business; however, there are cases where holding a business in an LLC will allow the business to make certain elections that may provide tax savings. Contact us to see if there may be tax advantages of holding your business in an LLC.
Forming an LLC may be costly, whether you set it up yourself online or hire an attorney to file the paperwork for you. In addition, some states require annual fees to be paid once an LLC is formed. New laws also require LLCs to report all LLC owners to the federal government for 2024 and future years. This is called "Beneficial Ownership Information Reporting," and failure to comply may be very costly. If you have an LLC, you can find out more about this reporting at www.fincen.gov/boi.
If you're thinking about forming an LLC, please contact us to discuss if it's the right fit for your tax situation.
Typically, an LLC is formed to hold businesses, investments, or other types of property to protect the owner from legal liability. Most people don't need to form an LLC to receive special tax benefits surrounding their investment or property ownership. The same is true for forming an LLC for a business; however, there are cases where holding a business in an LLC will allow the business to make certain elections that may provide tax savings. Contact us to see if there may be tax advantages of holding your business in an LLC.
Forming an LLC may be costly, whether you set it up yourself online or hire an attorney to file the paperwork for you. In addition, some states require annual fees to be paid once an LLC is formed. New laws also require LLCs to report all LLC owners to the federal government for 2024 and future years. This is called "Beneficial Ownership Information Reporting," and failure to comply may be very costly. If you have an LLC, you can find out more about this reporting at www.fincen.gov/boi.
If you're thinking about forming an LLC, please contact us to discuss if it's the right fit for your tax situation.