Posts Tagged ‘Taxes’
Real Estate and the Net Investment Income Tax and Self-Employment Tax
If you are planning or are actually doing a real estate business, either as an investor or as an active participant, you will have to deal with these: Net Investment Income Tax: If you have net investment income and your modified adjusted gross income exceeds $250,000 for married persons filing jointly, then there is a…
Read MoreThe Tax Mistake That Can Wreck Your Credit
If your business is privately held, as most small businesses are, your business finances are generally hidden from sight. But there is a way other businesses can get an idea of how healthy your business is financially, and that’s by reviewing your business credit reports. Anyone can check the credit report of your business, so…
Read MoreFamily Business: Partnership Mergers
In any successful family business there will likely come a time when descendants will want to take over the business from the older generation of owners. Usually, this will require that entities will need to be split into different business entities to accommodate both differences between the descendants (perhaps the descendants can’t cooperate with each…
Read MoreDirect Selling Tax Deductions Save $
Direct selling tax deductions are one of the top advantages of working from home. Operating a direct selling business from home opens the door for many income tax deductions. Did you ever notice that all rich people have a business? Did the business make them rich? Or did they get a business because they were…
Read MoreCorporate Separations Under §355
In any successful family business there will likely come a time when descendants will want to take over the business from the older generation of owners. Usually, this will require that entities will need to be split into different business entities to accommodate both differences between the descendants (perhaps the descendants can’t cooperate with each…
Read MoreWorking from Home? Claim Your Home Office Deductions
Some of us are just too lazy to drive/ride to work every day, so we prefer to set up office at home. Well, jokes apart, some of the small business that operates right out of their homes qualify for deductions. But the fear of audit keeps them away from any such declarations. But in all…
Read MoreSurprising Expenses You Cannot Deduct
Taking all the tax deductions to which you’re entitled is only smart business, right? But you may be surprised to know that the IRS doesn’t allow deductions for certain expenses that, on the surface at least, seem completely valid. Here are some of the expenses you cannot deduct: Work Clothes. That new business suit or those…
Read MoreThe Tax Cuts Jobs Act Temporarily Expands Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your…
Read MoreHow to Handle Taxes on Bonus Wages Like a Payroll Expert
This blog post is written for American businesses. Click here for How the Bonus Tax Method Works in Canada. Supplemental wages are the wage payments you pay an employee outside of their regular wages. If you give your employee a bonus, it is considered a supplemental wage. Supplemental wages, like bonuses, have additional tax requirements that you need…
Read MoreWhat to Expect with Your Taxes in 2018
Now that sweeping new tax legislation has been enacted by Congress and signed into law by the President, tax experts are taking a closer look at just what the Tax Cuts and Jobs Act means for businesses and individual taxpayers across the U.S. Here are a few changes you might expect to see with respect…
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