tax
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions…
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127…
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of…
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them…
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire,…
Choose the right ownership structure when buying a vacation home If you’re considering buying a vacation home, it’s critical to choose the right ownership structure. Your choices include a corporation,…
When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time,…
Under the right circumstances, qualified small business stock (QSBS) offers tax savings for business owners. Essentially, QSBS allows them (and their heirs) to sell their stock free of capital gains…
Most people spend decades planning for retirement. They diligently set aside a portion of their hard-earned wealth in IRAs, qualified retirement plans, investments and other savings vehicles. While a solid…
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One…
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure…
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax…
With the passing of Virginia House Bill 2387, Virginia individual filers are now able to claim up to a $300 annual tax credit ($600 if married-filing-jointly and each spouse submits…
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels, and salons. Compliance with federal and state tax…
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they…