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Adjusting to New Tax Rules for Your Business in 2023
The tax law is continually changing, with new rules coming into effect and old ones expiring. Sure, you can wait until you meet with your ... -
Partnerships and LLCs: What IRS Statistics Tell Us
“Coming together is a beginning, staying together is progress, and working together is success.” ~ Henry Ford A partnership is not a taxpaying entity, but ... -
Postponing Taxes: Sell Now, Pay Later
When you sell inventory, the result is reported currently as ordinary income. You can’t exclude the income and you can’t defer it. When you sell ... -
J.K. Lasser’s Small Business Taxes 2023: A Book Review
For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and their tax ... -
Tax Credit Refunds—What to Know
Tax credits are a dollar-for-dollar reduction of taxes owed. Some credits offset income taxes; others offset employment taxes. Some credits are part of the general ... -
Withholding 2.0: More to Consider
In the old days, employers had to withhold money from employees’ paychecks primarily for two purposes: income tax withholding and FICA. Income tax withholding applies ... -
Start Your Year-End Planning Now—Part 2
Year-end tax planning is always challenging due to uncertainties. Will your projected profit (or loss) for 2022 wind up as such? What will 2023 bring? ... -
Start Your Year-End Planning Now—Part 1
It’s never too early to think ahead, so now—the beginning of the fourth quarter of 2022—is a great time to begin year-end planning. The goal ... -
Writing Off Casualty or Disaster Losses for Your Business
September is National Preparedness Month and the theme this year from Ready.gov is prepare for disasters to create a lasting legacy for you and your ... -
Reward and Punishment on Your Tax Return for Being a Pass-Through Owner
If your business is a sole proprietorship, partnership, limited liability company, or S corporation—all pass-through entities—you report your share of business net income or loss ... -
Multiple Businesses: Thorny Tax Traps
Today, many go-getters aren’t satisfied running one business. They pursue multiple ventures at the same time. There may be various reasons for this, including having ... -
Thresholds Are Confusing for Information Reporting
Saying that tax rules are confusing is an understatement. Sometimes they’re almost impossible to understand. When it comes to requirements for reporting certain income, expenses, ... -
5 Reasons to Become a C Corporation
Almost all small businesses in the U.S. are pass-through entities—sole proprietorships, partnerships, limited liability companies, and S corporations. When it comes to small businesses, of ... -
What Does “Income” Mean for Tax Rules?
The word “income” is a generic term for the accretion to wealth. The word “income” connotes wages and earnings from self-employment. But for tax purposes, ... -
What To Do If You Fall Behind in Tax Deposits
If you are an employer, you are required to deposit your employment taxes on a regular schedule that’s dependent on the usual amount of the deposit. ... -
Additional Taxes on Small Business Owners
There’s been much discussion about “taxing the rich” and making them “pay their fair share.” What may get lost in the discussion are the special ... -
Writing Off the Cost of Business Driving
Gas prices at the pump have nearly doubled in one year, causing severe strain on business budgets. This is especially so for businesses that are ... -
A Tax Portrait of Business Owners
With National Small Business Week recently passed, it’s a good time to look at how business owners appear on their personal tax returns. The IRS’s ...
SMB Taxes
Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.
