Posts Tagged ‘Taxes’
Best Business Entity Structure After Tax Reform: S Corp and C Corp
There’s no easy answer to this question, though the entity choice considerations have undergone some changes due to the new tax law. For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at…
Read MoreRejoice! Business Meals Are Still Deductible
If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can…
Read MoreTax Planning for Gig Economy Workers: Everything You Need to Know
Whether you’re an Uber driver or a financial consultant, a private fitness trainer or a freelance graphics designer, you’re part of the expanding gig economy. As a self-employed person, you essentially have your own business. With that comes the responsibility of paying taxes. Here’s everything in a nutshell you need to know about tax planning…
Read More3 Payroll Nightmares You Might Have
Vampire Digit might not be too scary, but you know what is? Making payroll mistakes. *gasp* Payroll is a necessary and recurring task for all businesses with employees. So making mistakes can be detrimental for a lot of reasons: Taxes. You can get loads of fees piled on if you report your payroll taxes incorrectly. Even though…
Read MoreBusiness and Personal Records: Are You Prepared for a Disaster?
This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared.…
Read MoreHow High-Income Professionals Can Benefit from the Pass-Through Deduction
If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you may be able to use retirement plan contributions as a work-around so that you can benefit from that new 20% deduction. An SSTB generally includes the following trades or…
Read MoreS Corporation Business Structures Many Considerations
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they…
Read More10 Mistakes Most Small Business Owners Miss When Starting Out
The process of starting a small business can be an arduous one; there are numerous steps that need to be taken—and often in a precise order—to legally establish a business. As a result, the process can be overwhelming. Unfortunately, it’s also easy to overlook some important details and steps along the way. By being aware…
Read More5 Ways Small Business Owners Can Benefit from Trump Tax Cuts
The end of last year’s news cycle was dominated by one story—Trump’s tax cuts. As a small business owner, you may wonder how it all impacts you. And now that we’re hurtling into fall, it won’t be long until you find out. The focus may have been on big corporations, but there are perks baked…
Read More10 Best Cost Cutting Ideas for Small Businesses
There’s no point in sugaring coating this: running your own business is hard. Very hard. According to FastCompany, after the first 5 years, only about half of all small businesses in the US make it to the 6th. Small businesses are constantly squeezed by increased expenses, making controlling costs more important than ever. Below are…
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