Choosing a business entity? Here are the pros and cons of a C corporation
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages
Help ensure the IRS doesn’t reclassify independent contractors as employees
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal
Know the ins and outs of “reasonable compensation” for a corporate business owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving
Defer tax with a like-kind exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is