Do you want to withdraw cash from your closely held corporation at a low tax cost?
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the ...
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Help Ensure the IRS doesn’t Reclassify Independent Contractors as Employees
Many businesses use independent contractors to help keep their costs down. If youre among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error.
Recordkeeping Dos and Don’ts for Business meal and Vehicle Expenses
If youre claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you?re required to pay principal or interest under the guarantee agreement, you don?t want to be blindsided.
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here?s an explanation of the reasons why.
If you run a business from home, you could qualify for home office deductions
If you're self-employed and run your business from your home or perform certain functions there, you might be able ...
What are the tax implications of buying or selling a business?
If you are considering buying or selling another business, it's important to understand the tax ...
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile ...
Drive more savings to your business with the heavy SUV tax break
Are you considering replacing a car that you're using in your business? There are several tax implications to keep ...
Small businesses: Cash in on depreciation tax savers
As we approach the end of the year, it's a good time to think about whether your business needs to buy business ...
The importance of S corporation basis and distribution elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you ...