Tag: Small Business Tax

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If your business does this, it’s crucial to make sure these workers

For owners of C or S corporations, determining “reasonable compensation” is a critical issue. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain

Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, the financial commitment and administrative burdens involved are causing you concern. There are a couple

With summer quickly approaching, your small business might be considering hiring young people. If your children are also looking to earn some extra money, why not put them on the

Some tax sins are much worse than others. For example, failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Exploring different succession strategies is

Are you starting a business with partners and deciding on the right entity? For your new venture, an S corporation may be the best choice. One Benefit Of An S Corporation One

Businesses were able to claim a tax deduction for most business-related interest expense prior to the enactment of the Tax Cuts and Jobs Act (TCJA). The TCJA created Section 163(j),