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 tax purposes. If the IRS…
Read More Help ensure the IRS doesn’t reclassify independent contractors as employees
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses If you’re 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…
Read More Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
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…
Read More The deductibility of corporate expenses covered by officers or shareholders
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…
Read More Possible tax consequences of guaranteeing a loan to your corporation
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…
Read More Is an S corporation the best choice of entity for your business?
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 implications. Under current tax law, a transaction can basically be structured in two ways:…
Read More What are the tax implications of buying or selling a business?
Sec. 6166: Estate tax relief for family businesses Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied…
Read More Sec. 6166: Estate tax relief for family businesses
Small Businesses: It may not be not too late to cut your 2019 taxes Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few…
Read More Small Businesses: It may not be not too late to cut your 2019 taxes
Valuable year-end tax-saving tools for your business At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that…
Read More Valuable year-end tax-saving tools for your business
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies,…
Read More A buy-sell agreement can provide the liquidity to cover estate taxes
