The Right Entity Choice: Should You Convert from a C to an S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type
Find What Your Looking For
Tag: Tax
You May Be Eligible to Use More Than One Taxpayer Filing Status
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax
QBI Deduction Basics & A Year-End Tax Tip That Might Help You Qualify
If you own a business, you may wonder if you are eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or
Capitalize on Your 401(k) Plan to Save For Retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a
Drive More Savings to Your Business with the Heavy SUV Tax Break
Are you considering replacing a car that you are using in your business? There are several tax implications to keep in mind. A Cap on Deductions Cars are subject to
Can You Qualify for a Medical Expense Tax Deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify.
The Importance of S Corporation Basis & Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because
Employees: Do Not Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears,
Small Businesses: Cash in on Depreciation Tax Savers
As we approach the end of the year, it is a good time to think about whether your business needs to buy business equipment and other depreciable property. If so,
Steer Clear of the Wash Sale Rule if You Are Selling Stock by Year End
Are you thinking about selling stock shares at a loss to offset gains that you have realized during 2020? If so, it is important not to run afoul of the