Nov 13 How To Retire Gradually From Your Business
Learn how to retire gradually from your business with a clear plan, smart exit strategies, and a smooth transition that protects your legacy and finances....
Apr 03 Entity Choices for Starting a New Business
There are many benefits to being your own boss, but the first step in starting a new business is picking the right entity in which to operate that business. As discussed below, there are many types of structures available for a new business, and the...
Mar 06 Essential Information for Closing a Business
If you’ve made the decision to close your business, it’s important to follow the proper steps to legally dissolve it. This process, known as dissolution, begins when you file the necessary paperwork with your state. By taking this formal step, you officially terminate your LLC...
Jan 10 Is Your Side Hustle a Hobby or a Business?
With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small businesses, provoking many people to wonder what it means for their taxes. So, what is...
Feb 10 Business Owners May Face Special Compensation Rules
S corporations allow the business to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. But with those great advantages come many rules, including those related to compensation....
Jun 16 The Tax Implications of Closing a Business
The decision to close a business's doors for good is never an easy one. However, it's important to keep abreast of compliance requirements before you say goodbye. That's why you should take time to visit the closing a business page of IRS.gov. It's designed to help you...
May 06 Special Tax Rules for Rehiring Staff
If you find yourself short-staffed, there's no harm in calling a former employee who has retired. You won't jeopardize your pension plan's tax status if you rehire retirees. Nor is it a problem if you permit distributions of retirement benefits to employees who hit the...
Dec 10 What to Know About the Qualified Business Income Deduction
If you're an entrepreneur and you've heard other business owners talking about the qualified business income deduction (also called Section 199A), you're probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” This post discusses the factors you need...
Nov 05 How to Get a Business Loan
Many banks and alternative lenders are out there vying for your attention. Once you decide on a lender, what's next? This post presents the steps you need to take to obtain your business loan....
Jul 17 Home Office Expense Deduction for a Self-Employed Taxpayer
If you're self-employed and work out of an office in your home and you satisfy certain strict rules, you will be entitled to favorable "home office" deductions. These deductions against your business income include direct and indirect expenses. Here's what you need to know to...