Why an LLC Might be the Best Choice of Entity for Your Business
The business entity you choose can affect your taxes, personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be […]
Category: Tax
Is your business required to report employee health coverage?
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic […]
Employee or Independent Contractor: Know How to Classify Your Workers
Are you aware of the specific legal and financial differences between employees and independent contractors? Business owners must make sure to differentiate and treat professionals according to their classifications when […]
Confirming Your Identity with the IRS
When taxpayers have a question, they should first try going to IRS.gov. The Let Us Help You page is a great way to quickly answer tax questions. If you call […]
How to Treat Business Website Costs for Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility […]
Three Tax Breaks for Small Businesses
Bigger isn’t always better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 […]
It’s an Important Distinction – Are You Participating in a Hobby or Running a Business?
Is your hobby actually a business? While it may sound like semantics, the IRS notes that it’s an important distinction when it comes to taxes. Moreover, some hobbies should actually […]
Even if you close your business, you may still have tax obligations
Many businesses were forced to shut down recently due to the pandemic and the economy. A business must file a final income tax return and some other related forms for […]
How do Taxes Factor Into an M&A Transaction?
Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is considering merging with or […]
2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers on the 2022 third-quarter tax calendar. Keep in mind that this list isn’t all-inclusive, so there may […]
IRS Dirty Dozen Part 6 – Abusive Easements & Insurance Arrangements
These last two schemes wrap up the IRS’ Dirty Dozen – its annual list of top tax scams. Don’t be fooled by abusive easements and insurance arrangements. 11: Abusive Syndicated […]
Businesses Will Be Able to Deduct More Under the Standard Mileage Rate
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas […]
