If your business is a sole proprietorship, partnership, limited liability company, or S corporation—all pass-through entities—you report your share of … Read more about Reward and Punishment on Your Tax Return for Being a Pass-Through Owner
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, … Read more about Multiple Businesses: Thorny Tax Traps
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 … Read more about Thresholds Are Confusing for Information Reporting
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. … Read more about 5 Reasons to Become a C Corporation
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 … Read more about What Does “Income” Mean for Tax Rules?
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. … Read more about What To Do If You Fall Behind in Tax Deposits
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 taxes … Read more about Additional Taxes on Small Business Owners
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 based … Read more about Writing Off the Cost of Business Driving
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 … Read more about A Tax Portrait of Business Owners
You Pay Company Expenses: Who Takes the Deduction?
It’s common for business owners to pay various expenses from their own pockets. It just may be easy to do. But it can impact who takes the deduction … Read more about You Pay Company Expenses: Who Takes the Deduction?
Employers’ Tax Burden for Having Remote Workers
COVID-19 started a revolution in remote work arrangements. Initially, workers were forced to work from their homes because of government-mandated … Read more about Employers’ Tax Burden for Having Remote Workers
What’s Up with Form 1099-K?
Third-party payments over a threshold amount must be reported annually to the IRS. This is done on Form 1099-K. Who does the reporting, what are the … Read more about What’s Up with Form 1099-K?
Cancellations Can Have Tax Consequences
Things get canceled all the time…meetings and appointments, customer orders, and leases to name a few. Sometimes cancellations are good for your … Read more about Cancellations Can Have Tax Consequences
5 Things to Remember about the Home Office Deduction
The pandemic caused many small business owners to abandon their offices—and the rent for them—in favor of working from home and allowing staff to do … Read more about 5 Things to Remember about the Home Office Deduction
Big Tax Break for Section 1202 Stock: Which Businesses Qualify?
Tax breaks are being pared, but one that remains is the ability of certain corporations to issue stock that owners will eventually be able to sell tax … Read more about Big Tax Break for Section 1202 Stock: Which Businesses Qualify?
