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....
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...
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...
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...
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....
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...
The Tax Cuts and Jobs Act of 2017 expanded the federal estate and gift tax exemption to $11.2 million per person, or $22.4 million for a married couple. Under the Act, these higher limits are applicable through December 31, 2025. On January 1, 2026 the...
Selling a capital asset results in a gain or loss and impacts your income taxes. This post explains what capital gains and losses are, and gives some insights into the tax implications of capital gains and losses....
Your business represents a big part of your wealth. Here's why you need to protect it with a succession plan, so that you can ensure the business retains its value after you're gone. ...
Financial statements are intended to give you current information on your business's financial standing so you can make more informed decisions. There are three levels of overview you can choose to take — compilation, review or audit — and what you select will have a lot...
