Haven’t Filed Your 2019 Business Tax Return Yet?
…2020. Claiming 100% first-year bonus depreciation on an affected year’s return can potentially create or increase an NOL for that year. If so, the NOL can be carried back, and…
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Figuring corporate estimated tax
…annualize income by assuming income earned in the current year is earned in the same pattern as in preceding years. There’s a somewhat complicated mathematical test that corporations must pass…
When partners pay expenses related to the business
…benefits because it’s effectively deducted for both federal income tax and self-employment tax purposes. In addition, if the partner’s deductible home office qualifies as a principal place of business, commuting…
What you need to know about the tax treatment of ISOs
…If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation. Current tax treatment…
C-Corp or S-Corp? Food For Thought….
…pass through from an S corporation depends on your basis in the corporation’s stock and debt. And, basis is important for other purposes such as determining the amount of gain…
Reasons an LLC might be the ideal choice for your small to medium-size business
…a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality…
2016 IRA contributions — it’s not too late!
…tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions…
Year-End Tax and Financial To-Do List for Individuals
…have to take two next year. Consider a QCD. If you’re 70½ or older and charitably inclined, a qualified charitable distribution (QCD) allows you to transfer up to $100,000 tax-free…
Employee Spotlight: Paige N. Miracle
…N. Miracle Staff Accountant How long have you worked at the firm? Seven months. Educational Background: I received my Associate of Science in Business Administration Degree from Sinclair Community College,…
Why the “Kiddie Tax” is More Dangerous Than Ever
…trusts and estates. For ordinary income (such as interest and short-term capital gains), trusts and estates are taxed at the highest marginal rate of 37% once 2018 taxable income exceeds…