With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to… Read More »Emil @ CPA Forensic tips: It’s time for your small business to think about year-end tax planning
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC)… Read More »Reasons an LLC might be the ideal choice for your small to medium-size business
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most… Read More »Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be… Read More »Cash or accrual accounting: What’s best for tax purposes?
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through… Read More »Understanding taxes on real estate gains
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about… Read More »The possible tax landscape for businesses in the future
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business… Read More »Business website expenses: How they’re handled for tax purposes
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help… Read More »Closing a business involves a number of tax responsibilities
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable… Read More »If your business has co-owners, you probably need a buy-sell agreement
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you… Read More »Be aware of the tax consequences of selling business property