Do you and your spouse together operate a profitable unincorporated business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax…
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it could trigger a large tax bill. In this…
Is an S corporation the right choice for your business? If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business…
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. QBI deduction defined The…
Can your business benefit from 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 and disadvantages of doing…
Unfortunately, many businesses have had to close because of the pandemic and the economic downturn. Therefore, we can help you if this is your situation, including taking care of the various tax responsibilities that must be met.…
S Corporation vs. LLC: Which Is Right for Your Manufacturing Company? For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation…
Operating as an S corporation may help reduce federal employment taxes for businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should…
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to…
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by…
To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you…
We originally published this article in 2018 but thought it relevant to re-share. We updated data for 2022. ESOP Overview An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that offers advantages to business owners…
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