Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn… Read More
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Is a Health Savings Account Right for Your Business?
As the cost of providing employee health care benefits continues to rise, it’s is a good time for your business to consider setting up an employer-sponsored Health Savings Account (HSA). A HSA is a tax-advantaged savings account where an eligible… Read More
Valuing Profits Interests in LLCs
The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private… Read More
Thinking About Converting from a C Corporation to an S Corporation?
The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that… Read More
How to Reduce the Tax Hit on Soon-to-Be-Developed Land
In many places, real estate prices are soaring. That’s good news for owners of undeveloped land in those areas. But if they decide to subdivide and develop highly appreciated property, it could trigger a whopping income tax bill. Fortunately, there’s… Read More
Understanding and Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described… Read More
Accelerate Depreciation Deductions with a Cost Segregation Study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby… Read More
New Bankruptcy Relief Coming Soon
Is your small business struggling to make ends meet? Some relief may be on the way for distressed business owners. The Small Business Reorganization Act of 2019 will make it faster and less expensive to benefit from a Chapter 11… Read More
Year-End Tax Planning Moves for Small Businesses
It’s hard to believe 2019 is almost over! It’s been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they’ve tended to daily business operations. But procrastinate no longer…. Read More
How to Treat Your Business Website Costs for Tax Purposes
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because… Read More