An S-Corporation is beneficial for someone starting a company who wishes to protect their own personal assets and wants to avoid the double taxation of a regular C-Corporation. The advantage here is that the profits and losses from an S-Corporation are passed through to the shareholders to be reported on their individual taxes.

C-Corporations are essentially taxed twice: once for its own profits, and then the shareholders are taxed for the dividends they receive based on the shares they own.
For example, the main difference between an S-Corporation and a regular C-Corporation is that the profits and losses are passed on to the various shareholders in the corporation. The shareholders are then taxed on their individual share of the corporation’s profits or losses and report this on their individual tax returns.

Requirements of an S-Corporation
All S-Corporations start out as regular C-Corporations. To become an S-Corporation, the corporation must meet certain requirements and file Form 2553 with the IRS. To qualify as an S-Corporation, the following requirements must be met:
• Must have less than 100 shareholders
• Shareholders must be U.S. citizens or resident aliens
• Shareholders must be individuals, estates, certain exempt organizations, and certain types of trusts
• Must have only one class of stock
• Taxes are done according to the calendar year ending on December 31st unless a special form is filed

Henry Aldana,  President of Aldana & Associates, PSC, LTD.    301-770-4901      www.aldanas.com

Dígame qué imagen tiene de sí mismo y le diré su futuro. En definitiva todo lo que usted piensa y cree está completamente conectado con su futuro, si no se visualiza haciendo algo es muy probable que no lo logre.

En el caso de las personas con visión negativa, aquellos que no creen ser capaces de alcanzar logros significativos, son muy propensos a atraer más de esos fracasos. Por ejemplo, si tienen crisis en su matrimonio piensan en el divorcio, si atraviesan por una mala racha financiera piensan en llevar su negocio a la bancarrota, entonces esa visión negativa es la que probablemente se materialice si no cambian a tiempo su mentalidad.

La imaginación es la que forja de todo aquello que en cuestión de tiempo se hará realidad en nuestra vida, por eso hay que ser cuidadoso y tratar de colocar sólo imágenes buenas.  Si usted comienza a verse logrando sus objetivos con una actitud triunfadora, al recrear cada detalle en su mente estará abriendo con su fe los caminos que le lleven a vivir exactamente eso que usted viene imaginando.

La visión que usted tiene de sí mismo es mucho más importante y trascendental de los que los demás puedan pensar de usted, su fe y positivismo podrán llevar a alcanzar todo aquello que usted sueña.

Es fascinante saber que cualquier persona puede cambiar no sólo su vida con el poder de sus pensamientos sino también cambiar el mundo entero.

No importa a qué te dediques piensa en grande y triunfarás. Pensar en grande es el mecanismo que impulsa que logre lo que usted espera de la vida.

Tenga en consideración que estableciendo metas importantes lo hará salir de lo común y corriente, y lo liberará de una vida mecánica sin brillo ni aspiraciones.

Decida a dar ese paso, de ser una persona normal a ser alguien importante. Algunas veces cuesta armarse de valor y pensar en grande, esto sucede por los miedos que nos atacan constantemente. Hay quienes creen que no pueden lograr algo extraordinario, otros no saben cómo hacerlo, se resisten a imaginarse a ellos mismos triunfando, e incluso algunos opinan que no es correcto.

Por otra parte, los medios de información nos hacen pensar que los grandes éxitos están reservados sólo para los ricos y famosos… Permítame decirle que no es cierto.

Pensar en grande es una actitud, piense en grande para todo lo que haga en su vida cotidiana, en su trabajo, familia, finanzas, amigos, negocios ¡en todo! Siempre piense en que obtendrá todo y que merece todo con calidad de primera clase. Al asumir esta actitud creará un mundo extraordinario no sólo para usted, sino también para sus seres queridos y quienes le rodean.

Ahora que sabe que usted mismo es quien determina a través de su mentalidad el desenlace de su vida, entonces no se limite. Hable siempre de sus sueños, no tenga miedo de hablar fuerte y claro, crea y visualice a su persona como un ser con influencia y poder.

Sin duda en el ejercicio de la visualización la autoestima juega un papel muy importante, no sólo para pensar que usted merece lo mejor sino también para contar con la seguridad necesaria al enfrentar obstáculos que se puedan presentar, siempre firme creyendo que usted puede lograr absolutamente todo lo que se proponga.

Walt Disney

Seguramente usted ha escuchado el nombre de Walt Disney a través del mundo del cine, los majestuosos parques temáticos y la gran variedad de artículos a la venta bajo su nombre, pero quizás desconozca que este personaje ha sido uno de los más visionarios de la historia.

A principios del siglo XX, en la ciudad de Chicago, Walt Disney nació y se crió en una hacienda. A la temprana edad de diez años comenzó a dibujar caricaturas las cuales ofrecía a su barbero a cambio de un corte de cabello, pero su afición al dibujo no quedó ahí pues se dispuso a tomar algunas clases en la Academia de Bellas Artes de su ciudad natal.

Cuando estalló la Primera Guerra Mundial, Walt Disney tuvo que darle un receso a su actividad como dibujante y sirvió como voluntario a la Cruz Roja. Al finalizar esta etapa Disney regresó con la firme convicción de abrir su propio negocio, luego de trabajar arduamente y hacer múltiples sacrificios logró abrir su propio negocio… sin embargo, fracasó al poco tiempo.

Afortunadamente fracasar en el primer intentó no fue motivo para que Walt Disney desistiera de sus sueños, así que en 1923, junto a su hermano, fundó un estudio de cine en Holywood donde posteriormente creó al famoso ratón Mickey, y otros personajes como el conocido pato Donald, Pluto y Tribilín. Al transcurrir de los años, presentó ante el mundo el primer largometraje animado Blanca Nieves y convirtió en personajes de carne y huesos a varias de sus caricaturas.

Pero la visión de Walt Disney era aún más amplia, soñaba con construir un inmenso parque de diversiones en California y llamarlo Disneyland. La determinación de este visionario hizo que a mediados de los años cincuenta consiguiera el financiamiento para desarrollar  su ambicioso plan y en 1971 su sueño se hizo realidad.

Miles de hectáreas de tierra sirvieron para edificar Walt Disney World en Florida, ofreciendo empleos y diversión a millones de personas hasta ahora.  A pesar de que Disney ya había fallecido al momento de inaugurar su monumental sueño, su sobrino declaró a la prensa que no le daba tristeza este hecho pues “él –Walt Disney- fue el primero en verlo todo”.

Pinte su propio destino

Tenga en cuenta que la imaginación no es ni buena ni mala, es como un lienzo en blanco en donde usted puede soltar libremente su imaginación, pensamientos y actitudes labrar su propio destino. No permita que alguien más pinte en su lienzo, no permita tampoco que la duda o el miedo manchen su lienzo, asegúrese de utilizar el pincel de la fe, la brocha de la esperanza y comience la elaboración de un paisaje próspero y lleno de abundancia para sí mismo.

La clase de imágenes que tenga en su mente determinarán su futuro. Alguien me dijo un día “dime tu visión y te diré tu futuro”, tal cual, si quiere cambiar su vida, debe comenzar cambiando las fotografías que tiene en su mente, cambie lo que está viendo. Deje de lado las viejas imágenes de lo que es y  comience a verse como un triunfador lleno de luz, fe y esperanza.

No importa por cuantas dificultades esté atravesando ahora, simplemente enfóquese en mirarse a usted mismo como la persona que sueña ser, véase con los ojos de la fe.

Tómese al menos cinco diarios para visualizar una bonita realidad, lo que usted realmente desea. Por ejemplo, si quiere que su negocio prospere, imagine más clientes tocando a su puerta, si está enfermo, concéntrese en verse sano, caminando sin dolores, ni achaques.

Es increíble lo que podemos lograr si pudiésemos mantener una imagen en nuestra mente y tener esa imagen dentro. No dude jamás de su capacidad, usted puede, reconstruya su imagen y comience un nuevo futuro.

Mantenga una imagen positiva, tenga fe en vencer cada obstáculo, y le aseguro que Dios le bendecirá para que alcance todos sus sueños.

Dime con quién andas y te diré quien ere!

Es muy importante que nos juntemos de gente positiva, gente visionaria, gente noble, gente sincera.

En el ambiente donde usted se desarrolle determinara su destino.

The past year congress passed several new tax laws that were intended to stimulated the economy. I am so not sure this laws made an impact on our economy, but what I I am convened is that all this regulations have made the IRS systems delay the filings of the return.  Today was the first day, that most tax returns were accepted for electronic filing. At any rate, here are some of the changes that will affect your 2010 income taxes.

Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return.

Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011.

Health Insurance Deduction Reduces Self Employment Tax In 2010, eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax.

Premiums paid for health insurance covering the taxpayer, spouse and dependents generally qualify for this deduction. Premiums paid for coverage of an adult child under age 27 at the end of the year, for the time period beginning on or after March 30, 2010, also qualify for this deduction, even if the child is not the taxpayer’s dependent.

As before, the insurance plan must be set up under the taxpayer’s business, and the taxpayer cannot be eligible to participate in an employer-sponsored health plan. Details, including a worksheet, are in the instructions to Form 1040.

First-time homebuyer credit You must meet the required deadlines to be eligible to claim the credit.  You must have bought — or entered into a binding contract to buy — a principal residence on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed or gone to settlement on the home on or before Sept. 30, 2010.   Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2010 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and a properly executed copy of a settlement statement used to complete the purchase.

Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally begin repaying it on the 2010 return. In most cases, the credit must be repaid over a 15-year period. Many of those affected by this requirement received reminder letters from the IRS.

A repayment requirement also applies to a taxpayer who claimed the credit on either their 2008 or 2009 return and then sold it or stopped using the home as their main home in 2010. Use Form 5405 to report the repayment.

In addition, certain members of the armed forces and some other taxpayers still have time to buy a home and take the credit. See Form 5405 and its instructions for details.

Standard Mileage Rates for 2010 The standard mileage rate for business use of a car, van, pick-up or panel truck is 50 cents for each mile driven. The rate for the cost of operating a vehicle for medical reasons or as part of a deductible move is 16.5 cents per mile. The rate for using a car to provide services to charitable organizations is set by law and remains at 14 cents a mile.

Tax Breaks Extended Several tax breaks that expired at the end of 2009 were renewed and can be claimed on 2010 returns. They include:

• State and local general sales tax deduction, primarily benefiting people living in areas without state and local income taxes. Claim on Schedule A, Line 5.
• Higher education tuition and fees deduction benefiting parents and students. Claim on Form 8917.
• Educator expense deduction for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250, Claim on Form 1040, Line 23 or Form 1040A Line 16.

If you need additional information, please call me at 301-770-4901 or visit our web pages  WWW.ALDANAS.COM  OR   www. taxexpertos.com

Henry Aldana is the CEO of Aldana & Associates, psc. ltd a boutique public accounting firm.

IRS Launches the IRS2Go App for iPhone, Android; Taxpayers Can Check Refunds, Get Tax Information Wow!!   Uncle Sam is getting sophisticated on us, as the new generations will only know how to use this smart phones, so will the IRS.   By Henry Aldana WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. Whe … Read More

via Aldana & Associates

Every week, during my radios show, lots of listener call and ask the questions about the child tax credit, here are some of the facts about the child tax credit, however, if you need additional information feel free to call me at 301-770-4901 or call any of our Tax Experts offices at 888-770-4901.

The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.

1. Amount – With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
2. Qualification – A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and- residence.
3. Age Test – To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.
4. Relationship Test – To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
5. Support Test – In order to claim a child for this credit, the child must not have provided more than half of their own support.
6. Dependent Test – You must claim the child as a dependent on your federal tax return.
7. Citizenship Test – To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
8. Residence Test – The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
9. Limitations – The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
10. Additional Child Tax Credit – If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

Henry Aldana is the CEO of Aldana & Associates, PSC, LTD an  accounting and management consulting boutique,  and He is also the Principal of  Tax Experts, LLC

WWW.ALDNAS.COM  and  WWW.TAXEXPERTOS.COM

Every week during my radio show, I get lots of call asking about what is taxable and what is not.  Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all.

To help taxpayers understand the differences between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items not included as taxable income:

• Adoption Expense Reimbursements for qualifying expenses
• Child support payments
• Gifts, bequests and inheritances
• Workers’ compensation benefits
• Meals and Lodging for the convenience of your employer
• Compensatory Damages awarded for physical injury or physical sickness
• Welfare Benefits
• Cash Rebates from a dealer or manufacturer

Some income may be taxable under certain circumstances, but not taxable in other situations. Examples of items that may or may not be included in your taxable income are:

• Life Insurance If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Life insurance proceeds, which were paid to you because of the insured person’s death, are not taxable unless the policy was turned over to you for a price.
• Scholarship or Fellowship Grant If you are a candidate for a degree, you can exclude amounts you receive as a qualified scholarship or fellowship. Amounts used for room and board do not qualify.
• Non-cash Income Taxable income may be in a form other than cash. One example of this is bartering, which is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included as income on Form 1040 of both parties.

All other items—including income such as wages, salaries, tips and unemployment compensation — are fully taxable and must be included in your income unless it is specifically excluded by law.

These examples are not all-inclusive. For more information, see Publication 525, Taxable and Nontaxable Income

If you like additional information about this taxable and non taxable income feel free to contact Aldana & Associates, PSC, LTD.  at 301-770-4901

Henry Aldana is the Principal of Aldana & Associates, PSC, LTD

WWW.aldanas.com

Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits.  Listed below are seven tax credits and other benefits which are available if you or someone else listed on your federal tax return is disabled.

1. Standard Deduction Taxpayers who are legally blind may be entitled to a higher standard deduction on their tax return.
2. Gross Income Certain disability-related payments, Veterans Administration disability benefits, and Supplemental Security Income are excluded from gross income.
3. Impairment-Related Work Expenses Employees who have a physical or mental disability limiting their employment may be able to claim business expenses in connection with their workplace. The expenses must be necessary for the taxpayer to work.
4. Credit for the Elderly or Disabled This credit is generally available to certain taxpayers who are 65 and older as well as to certain disabled taxpayers who are younger than 65 and are retired on permanent and total disability.
5. Medical Expenses If you itemize your deductions using Form 1040, Schedule A, you may be able to deduct medical expenses.See IRS Publication 502, Medical and Dental Expenses.
6. Earned Income Tax Credit EITC is available to disabled taxpayers as well as to the parents of a child with a disability.If you retired on disability, taxable benefits you receive under your employer’s disability retirement plan are considered earned income until you reach minimum retirement age. The EITC is a tax credit that not only reduces a taxpayer’s tax liability but may also result in a refund. Many working individuals with a disability who have no qualifying children, but are older than 25 and younger than 65 do — in fact — qualify for EITC. Additionally, if the taxpayer’s child is disabled, the age limitation for the EITC is waived. The EITC has no effect on certain public benefits. Any refund you receive because of the EITC will not be considered income when determining whether you are eligible for benefit programs such as Supplemental Security Income and Medicaid.
7. Child or Dependent Care Credit Taxpayers who pay someone to care for their dependent or spouse so they can work or look for work may be entitled to claim this credit.There is no age limit if the taxpayer’s spouse or dependent is unable to care for themselves.

For more information on tax credits and benefits available to disabled taxpayers, see Publication 3966, Living and Working with Disabilities or Publication 907, Tax Highlights for Persons with Disabilities, available on the IRS website at http://www.irs.gov or by calling ALDANA & ASSOCIATES, PSC, LTD   888-770-4901

or visit out website  http://www.aldanas.com

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If you want to make a monumental statement with your life and make a difference in this world, focus your life with purpose.

I live my life as if today is my last moment in this planet, on earth, todays is my last day to live and maybe tomorrow I may wake up again.  I enjoy my life to the fullest and  live with joy, I live as there is no tomorrow.  Every day that I wake up, I become more convince that God gave me a special gift to do something greater than myself or for myself; to live my life with a purpose so it has more meaning.  My life without God had no purpose, and without purpose, it had no meaning. Now that I am finding the purpose of my life, it has made me more humble and I have developed a healthier lifestyle.  For many years I had changed the direction of my life because I lacked purpose.

When I started finding my purpose in life, I was stimulated and inspire to live a fulfilled life. I know that I was not put in this world just  to be remembered, but to live for ever in eternity.  Life on earth is so short and  I feel so blessed because I have been given extra time so that I can finish my masterpiece and share it with you.  What I am so sure is that I will spend more time on the other side of death, in eternity, than here on earth; and I know that my mission here and now is only temporary.

I have been in the quest to discover the reason why I am in this world as I write this tonight.  Where ever I go, people from all walks of life notice my energy and approaches me to make beautiful and positive comments about my being.  They see more than I see, they sense more than I sense about my inherent powers and now I believe that they are a  reflection of my being;  I believe that the Joy of my spirit is the measure of my powers… and my energy and my positive spirit is a reflection of God..Tonight is my time to reflect with Him, to walk with him.

Keeping a joyous spirit at all times, gives me the grand opportunity to attract good people into my life, people that are looking for good energy, the energy of love, the pure energy that reflects on God himself.

What now? how do I serve the universe in a more profound way what will leave a legacy for the generations to come. I believe that I have been put here to help our people thrive in their personal lives and help them become what they are capable of becoming.. But I sense and have this premonition that my purpose here and now is more profound than that!  yet is unfolding in front of my eyes as I seat here and meditate on this principle. Love is the universal power that bonds all of our existence..

If tomorrow I am here again, I will continue my quest for self  discovery and will continue to share with all of you the discovery of my life. Who am I and why I came to this world… to be continued…..

Abraham Lincoln once said “God surely would’t have created the human race to live only for one day, No, man was created to be immortal”.

I believe that life here in earth is only a rehearsal for the real show. but in the mean time, I must fulfill my purpose and complete my mission to serve my family, friends and humanity as a whole.