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Shutting Down a Partnership: Tax Implications

Shutting Down a Partnership: Tax Implications

You and one or more other individual co-owners operate a business or investment activity as a partnership and now intend to shut it down. You won’t be surprised to hear that there will be federal inco... ...more

Tax

May 28, 202410 min read

Selling Your Home To Your S-Corporation

Selling Your Home To Your S-Corporation

Are you looking to make some cash by turning your home into rental property? If you do this the right way, you can increase your cash flow with almost no additional effort. ...more

Tax

May 25, 20246 min read

Tax Reform Doubles Down On S Corporation Reasonable Compensation 

Tax Reform Doubles Down On S Corporation Reasonable Compensation 

From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass- through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For i... ...more

Tax

April 16, 20241 min read

Your Co-owned Business Probably Needs a Buy-Sell Agreement

Your Co-owned Business Probably Needs a Buy-Sell Agreement

A well-drafted buy-sell agreement provides financial protection for you and your heirs. Ditto for the other co-owners and their heirs. The agreement can also help minimize income taxes and avoid estat... ...more

Tax

April 04, 202410 min read

Tax Rules for Providing Free Meals and/or Lodging to Employees

Tax Rules for Providing Free Meals and/or Lodging to Employees

Here’s the good news: Section 119 of our beloved Internal Revenue Code allows your business to provide free meals and/or lodging to employees on a tax-free basis in limited circumstances.“Tax-free” me... ...more

Tax

April 02, 20248 min read

Tax Reform Doubles Down on S Corporation Reasonable Compensation

Tax Reform Doubles Down on S Corporation Reasonable Compensation

For tax years 2018-2025, the Tax Cuts and Jobs Act (TCJA) tax reform gives you a valuable 20 percent deduction on your pass-through business income if you have the right business and the right taxable... ...more

Tax

April 01, 20246 min read

Young Adults Should Take Advantage of IRAs

Young Adults Should Take Advantage of IRAs

Here’s what you need to know about both kinds of accounts if you’re a young adult or if you have offspring in that category. That said, this article is targeted to the young adults of the world rathe... ...more

Tax

March 31, 20249 min read

Accounting Methods

Accounting Methods

To find your taxable income on your corporate or individual Form 1040, Schedule C, you follow an accounting method. Tax law recognizes and often allows the most common accounting methods for computing... ...more

Tax

March 20, 20241 min read

13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN

13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN

The Corporate Transparency Act (CTA) became effective on January 1, 2024. The law will create a massive government database containing the identities and contact information of defined small corporate... ...more

Tax

March 18, 202410 min read

Maximizing Your Real Estate Investments: Navigating the 199A Deduction

Maximizing Your Real Estate Investments: Navigating the 199A Deduction

The Tax Cuts and Jobs Act, enacted on January 1, 2018, introduced a plethora of changes, including the 199A deduction, which has become a hot topic among real estate investors. ...more

Tax

March 15, 20243 min read

What If My CPA Does Not File My Tax Return?

What If My CPA Does Not File My Tax Return?

If you hire a certified public accountant (CPA) or another tax professional to prepare your taxes, you’ll ordinarily rely on him or her to electronically file your return for you. What happens if the ... ...more

Tax

March 13, 20246 min read

Self-employed? Amend Tax Returns for up to $32,220 in Tax Credits

Self-employed? Amend Tax Returns for up to $32,220 in Tax Credits

If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, get your act together and file amended 20... ...more

Tax

March 11, 20242 min read

Essential Bookkeeping Insights for Small Business Success

Essential Bookkeeping Insights for Small Business Success

While it might seem like a complex web of numbers and terms, at its heart, bookkeeping is about telling the story of your business through its finances ...more

Tax

March 08, 20243 min read

Spreadsheet VS. Quickbooks

Spreadsheet VS. Quickbooks

Traditional spreadsheets, like those offered by Excel, have long been the go-to for many, but could be costing you too much time. ...more

Tax

March 06, 20244 min read

Unlocking Tax Benefits Through Business Travel: A Guide for Entrepreneurs

Unlocking Tax Benefits Through Business Travel: A Guide for Entrepreneurs

The savvy entrepreneur knows the importance of blending business with leisure, especially when it comes to travel ...more

Tax

March 01, 20243 min read

To File An Extension Or Not To?

To File An Extension Or Not To?

But here's a revelation that might just change your entire approach to this annual ordeal: the tax extension ...more

Tax

February 29, 20243 min read

Bank Reconciliation-How To

Bank Reconciliation-How To

Regular, thorough bank reconciliations are not just good practice; they're a critical component of strategic financial management. ...more

Tax

February 21, 20243 min read

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