Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for… Read More »Emil @ CPA Forensic tips: Spouse-run businesses face special tax issues
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here… Read More »Emil @ CPA Forensic wrote: Update on depreciating business assets
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your… Read More »Emil @ CPA Forensic: Divorcing business owners should pay attention to the tax consequences
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be… Read More »Guaranteeing a loan to your corporation? There may be tax implications
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members… Read More »Planning ahead for 2024 by CPA Forensic: Should your 401(k) help employees with emergencies?
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person… Read More »CPA Forensic: Receive more than $10,000 in cash at your business? Here’s what you must do
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to… Read More »Emil @ CPA Forensic wrote: The advantages of using an LLC for your small business
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In… Read More »Emil @ CPA Forensic: A tax-smart way to develop and sell appreciated land
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless… Read More »Corporate officers or shareholders: How should you treat expenses paid personally?
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3%… Read More »Use an S corporation to mitigate federal employment tax bills