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HOW TO JOIN OUR REFERRAL PROGRAM

1 To access the membership portal, login or create a new account.
2 Under Resources, click Links Generator after logging in.
3 Copy link under My Tracking Link and send to your referrals.

If you still have problems, please let us know by sending an email to support@lmsservicestx.com.

OFFICE HOURS

Weekday       9:00AM - 6:00PM
Saturday       9:00AM - 2:00PM
Sunday           CLOSED

A

B

BANK PRODUCT

Bank Products allow banks and credit unions a safe and convenient way to accumulate savings. Deposits at these institutions are insured, but up to a limit set by Congress.

C

CAPITAL GAIN

Capital Gain occurs when profit is made from the sale of a property or an investment for more than you spent to acquire it. For example, if you bought a house in full for $80,000 and sold it after two years for $120,000, you have a capital gain of $40,000. Depending on the situation, the capital gain will need to be reported on the individual's taxes.

C Corporation

Under the United States federal income tax law, a C Corporation refers to any corporation that is taxed separately from the owners. Therefore as a single entity separate from the people who created it, the corporation is able to own its own property, be responsible for its own debts and liabilities, and accrue individual profits from the owners.

CORPORATE VEIL

The corporate veil is a legal term used to separate the personality of a corporation and its shareholders. This protects the shareholders from being personally held liable for the corporation's debts and obligations. However, this kind of protection does not mean it's not impenetrable. When a court decides that a corporation was not conducting business in accordance with corporate legislation or even acting under a façade for illegal activities, the shareholders can now be held responsible for the company's obligations, this is what is called piercing the corporate veil.

D

DBA

"Doing Business As" (DBA) is a business name different from your personal name. It is important to note that once you form a business, the legal name defaults to your personal name unless you choose to register as a DBA with the appropriate local government agency. If you don't register, your business name will be considered an assumed name.

E

EBITD

Earnings Before Interest, Tax, and Depreciation (EBITD) is a pre-tax measure to the company's financial performance. Essentially, this type of measure is a way to evaluate a company's performance without having to factor in many financing decisions, accounting decisions, or tax differences. The difference is calculated as the following:

= Revenue - Expenses (excluding taxes, interest, and depreciation)

ERO

ERO is the acronym for Electronic Return Originator. This term is typically another word for "tax preparer" or "tax accountant." Authorized by the United States Internal Revenue Service (IRS), the ERO is usually the first point of contact for most taxpayers filing a return using IRS e-file.

F

FORM 1040

Form 1040 is a standard tax form used by the Internal Revenue Service (IRS) that individuals use to report their annual income for tax purposes.

G

H

I

IRS

The Internal Revenue Service (IRS) is the United States federal agency responsible for administering and enforcing the Treasury Department's revenue laws through the assessment and collection of taxes and other related activities.

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K

L

LLC

Being a hybrid entity that combines the characteristics of a corporation and partnership or sole proprietorship, a Limited Liability Company (LLC) is a corporate structure where members associated with the company will not be held personally liable for the business' debts or liabilities. Since it is a disregarded entity, income is reported to the IRS the same way as a sole propriertorship. In addition, it is hard for creditors to pass through the corporate veil due to the lack of formalities. To form an LLC in the state of Texas, the necessary paperwork will need to be filled out with the Texas Secretary of State which can be done online or by mail. The filing fee is usually $300.

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N

O

P

PARTNERSHIP

A Partnership is when two or more individuals go into business together without any formal entity. While no government filing is required, it is still a good idea for the partners to form a written agreement that outlines the individual's roles and responsibilities. This also means that the benefits and risks are passed to each individual of the partnership each being held personally liable for debts and obligations accrued by the company.

Q

R

S

SCHEDULE A

The Schedule A form is an optional supplement form to the standard Form 1040. This schedule is used by taxpayers to report itemized deductions, which can help reduce an individual's tax liability.

SCHEDULE C

Schedule C (1040 Form), Profits and Loss From Business is a tax form filled out by sole proprietors. From the schedule's title "Profits or Loss From Business," it is used to report both the business' income and losses.

S CORPORATION

As a type of corporate structure, an S Corporation is similar to a C Corporation except the profits and losses are divided amongst the shareholders, making this type of structure a "pass-through" entity. This type of business entity is usually a good option for smaller corporations (the "S" in S Corporation stands for "small"). However, the corporation under this entity is allowed only one type of stock and a limited number of shareholders.

SOLE PROPRIETORSHIP

Being the simplest, oldest, and most common among the different types of business entities, a Sole Proprietorship is when one individual acquires all the benefits and risks of running a company. In this case, no legal distinction is made between the assets and liabilities of the company and owner, meaning the company and owner are one in the same. This type of business structure is the most popular due to not having to fill out any paperwork or forms as the individual is the sole proprietor and is regarded as self-employed by the United States government and taxed based on that assumption.

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