It is commonly accepted wisdom that tax rules are complicated. This belief is well supported by the conflicting tax rules that apply to business … Read more about Unraveling Conflicting Tax Rules for Active versus Passive Business Owners
Sales Tax Issues for 2019
Sales tax is a cost imposed on a company’s customers for the goods and services it sells. It’s up to the company to collect the tax from these … Read more about Sales Tax Issues for 2019
Naming a Partnership Representative on Your Tax Return
If you are an owner in a partnership or limited liability company filing Form 1065, Partnership Income Tax Return, there’s a new chore to do this year … Read more about Naming a Partnership Representative on Your Tax Return
Special Tax Breaks for Farmers
The majority of the more than 2 million farms in the U.S. are small businesses. The USDA says that “in 2016, farms organized as pass-through entities … Read more about Special Tax Breaks for Farmers
Figuring Your Estimated Taxes
Business owners who are self-employed usually pay their taxes in four estimated tax payments for the year. The final installment for 2018 is due on … Read more about Figuring Your Estimated Taxes
Special Elections to Reduce Your Tax Bill
Most tax rules are fixed and you must follow them. But there’s some flexibility which is provided through special tax elections. You can choose in … Read more about Special Elections to Reduce Your Tax Bill
5 Ways Higher Interest Rates May Affect Your Business
The Federal Reserve has raised its federal funds rate (referred to as the fed funds rate) several times this year and expects to have additional … Read more about 5 Ways Higher Interest Rates May Affect Your Business
Stock Options and Your Small Business
Small business owners who’ve incorporated may be reluctant to share ownership with staff. However, the National Center for Employee Ownership lists a … Read more about Stock Options and Your Small Business
10 Rules for Qualified Small Business Stock
Some businesses can issue stock that entitles owners to eventually obtain tax-free income when they sell their stock. Yes, 100% of gain on the sale of … Read more about 10 Rules for Qualified Small Business Stock
Trading Goods, Services, and Property: Taxes Implications
Some businesses like to swap their goods and services with other companies. In fact, according to Barter News Weekly, nearly one-third of small … Read more about Trading Goods, Services, and Property: Taxes Implications
Tax Cost of Living Adjustments (COLAs) for 2019
There are dozens of numbers used for benefits, limitations, thresholds, and other rules for various tax breaks that can be adjusted annually for … Read more about Tax Cost of Living Adjustments (COLAs) for 2019
J.K. Lasser’s Small Business Taxes 2019
I’m proud to say it’s the 25th year of the original publication, and it’s all new for 2018 returns and year-round tax planning. The new edition, named … Read more about J.K. Lasser’s Small Business Taxes 2019
New Retirement Plan and Benefit Limits for 2019
Want to create a multi-million dollar nest egg … in addition to the value of your business? This is possible by making sure you’re covered by a … Read more about New Retirement Plan and Benefit Limits for 2019
10 Things to Know about the QBI Deduction
The Tax Cuts and Jobs Act created a new personal deduction, called the qualified business income (QBI) deduction, for owners of pass-through entities … Read more about 10 Things to Know about the QBI Deduction
When ‘NOT’ to Elect First-Year Expensing
The Tax Cuts and Jobs Act dramatically increased the dollar limit on first-year expensing (the Section 179 deduction) for the purchase of equipment … Read more about When ‘NOT’ to Elect First-Year Expensing
