tax
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations.…
Since the passing of the TCJA in 2018, most states have given pass-through entities (PTEs) the option to pay the state income tax at the entity level instead of at…
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how…
Interested in LTC insurance? Consider a tax-free exchange Long-term care (LTC) insurance can help cover the expenses if you or a loved one requires an extended stay at a nursing…
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes.…
The tax code allows you to claim a deduction for business debts that have become worthless. But qualifying for the deduction may be more complicated than you think. In a…
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal…
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new…
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm.…
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why…
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example,…
If you operate a business or are starting one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the…
When the Inflation Reduction Act (IRA) became law in late 2022, you might have assumed that the tax breaks it contained wouldn’t affect your tax-exempt organization. That’s not the case.…
Short-term rentals may offer tax-free income Opportunities to earn tax-free income are few and far between, but one often overlooked strategy allows you to do just that by renting out…
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new —…