Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited… Read More »Should you convert your business from A C to an S corporation?
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You… Read More »The tax advantages of including debt in a C corporation capital structure
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are… Read More »Growing your business with a new partner: Here are some tax considerations
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as… Read More »When partners pay expenses related to the business
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to… Read More »When businesses may want to take a contrary approach with income and deductions
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for… Read More »Emil @ CPA Daytraders wrote – Don’t have a tax-favored retirement plan? Set one up now
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should… Read More »Emil @ CPA Daytraders: Scrupulous records and legitimate business expenses are the key to less painful IRS audits
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that… Read More »2024 Q2 tax calendar: Key deadlines for businesses and employers
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this… Read More »Coordinating Sec. 179 tax deductions with bonus depreciation
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and… Read More »Emil @ CPA Daytraders wrote: Bartering is a taxable transaction even if no cash is exchanged
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want… Read More »Emil @ CPA Daytraders wrote: Maximize the QBI deduction before it’s gone
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible… Read More »Better tax break when applying the research credit against payroll taxes