While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is… Read More »Closing a business involves a number of tax responsibilities
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted… Read More »If your business has co-owners, you probably need a buy-sell agreement
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s… Read More »Be aware of the tax consequences of selling business property
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid… Read More »Consider borrowing from your corporation but structure the deal carefully
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may… Read More »2024 Q3 tax calendar: Key deadlines for businesses and other employers
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could… Read More »Hiring your child to work at your business this summer
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want… Read More »Figuring corporate estimated tax
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier… Read More »Inflation enhances the 2025 amounts for Health Savings Accounts
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal… Read More »The tax advantages of including debt in a C corporation capital structure
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm.… Read More »When partners pay expenses related to the business
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why… Read More »When businesses may want to take a contrary approach with income and deductions
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example,… Read More »Emil @ CPA Manufacturing wrote – Don’t have a tax-favored retirement plan? Set one up now