When to Have Your LLC Taxed as an S-Corp
When is the right time to have your small business taxed as an S-Corp? We look at some the pros and cons to consider when weighing this change.
small business
How a Glaring Hole in Quickbooks Online Makes Life Difficult for Accrual-Basis Companies That Are Cash-Basis Taxpayers (And How to Work Around It)
Quickbooks Online does many things well, but the inability to indicate if a journal entry should affect both accrual and cash basis reports or if it should only affect accrual basis reports is a glaring hole that can make things difficult for small business owners (especially for businesses with deferred revenue), so we came up with a workaround…
The Hobby Loss Rules, Or How Your Hobby Can Hurt You Come Tax Time
Could the IRS view your side hustle as a hobby instead of a business? If they do, you could be in for a rough surprise come tax time. Know what it takes to ensure your business doesn’t fall prey to the brutal Hobby Loss rules.
December 2018 Client Bulletin
Our Dec 2018 bulletin looks at the affect of the new SALT deduction limits on home sales, the importance of powers of attorney, and how small businesses should handle year-end bonuses.
Update: Aggregating Multiple Pass-Through Entities for the 20% QBI Deduction
Update: The IRS recently released guidance related to the 20% QBI deduction. In this article we dig into the concept of aggregation and what it means for owners of multiple related businesses.
November 2018 Client Bulletin
Our November client bulletin takes a look at tax planning for individuals and businesses under the new tax law, with a close look at changes to individual deductions.
When the Government Can Help Fund Your IRA: Finding the Silver Lining in a Down Year
Starting a new business can mean lower-than-usual income until things get up and running. So can taking off time to travel or care for a loved one. Make the most of a low-income year by having the government help you fund your IRA with the Saver’s Credit.
August 2018 Client Bulletin
Our August 2018 client bulletin takes a look at how the new tax law affects 529 plans, the G.I. Bill (it’s forever), and education as a small-business fringe. Not sure about something you read? Think it may apply to you? Give us a call!
July 2018 Client Bulletin
Our July 2018 client bulletin takes a look at a little more give in the gift tax, making sure you don’t neglect estate planning, and moving your business to a low-tax state.
This New Election Allows Employees to Defer Income from Exercising Stock Options or RSUs for Up To Five Years Using Section 83(i)
An employee who receives equity-based compensation may have to pay tax when they receive or exercise stock or options, but the terms of the grant (such as a vesting period) may not allow them to exercise the option and/or sell the shares until a later date, leaving the employee with a tax bill and no way to liquidate their options to pull together the cash to pay the taxes due. The new Section 83(i) election aims to resolve this timing difference.