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How Much Income Before an S Corporation Makes Sense?

Find out how much you need to earn before you switch to S Corporation and evaluate if the tax savings are worth it.

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything

Now’s a Great Time to Purge Old Tax Records

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved.

Do You Know the Tax Implications of Your C Corp.’s Buy-Sell Agreement?

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured

Individual Tax Calendar: Key Deadlines for the Remainder of 2017

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are other deadlines throughout the rest of the year that

Bartering May Be Cash-Free, But It’s Not Tax-Free

Bartering might seem like something that happened only in ancient times, but the it’s still common today. The general definition of bartering remains the same: the exchange of

What Are the Most Tax-Advantaged Ways to Reimburse Employees’ Education Expenses?

Reimbursing employees for education expenses can strengthen the capabilities of your staff as well as help you retain them. Additionally, you and your employees may be able to

A Refresher On Tax-Related ACA Provisions Affecting Businesses

Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform

Saving Tax With Home-Related Deductions and Exclusions

Currently, home ownership comes with several tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property

Victims of a Disaster, Fire or Theft May be Able to Claim a Casualty Loss Deduction

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2016 federal income tax return.

Who Can — and Who Should — Take the American Opportunity Credit?

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. However, if your income is

Make Sure the IRS Won’t Consider Your Business To Be a “Hobby”

If you run a business “on the side” and derive most of your income from another source (another business you own, employment or investments), you may face a

The Section 1031 Exchange: Why It’s Such a Great Tax Planning Tool

If you’re like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the