Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
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LLC -Single Member Disregarded Entity – Sole Proprietor Tax Filing
Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:...
Reasonable Compensation For Business Owners
Know the ins and outs of “reasonable compensation” for a corporate business owner Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...
Domestic Travel can be a Business Expense
TAX-SMART DOMESTIC TRAVEL: COMBINING BUSINESS WITH PLEASURE Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few...
Tax Deductible Business Expenses
WHAT TYPE OF EXPENSES CAN’T BE WRITTEN OFF BY YOUR BUSINESS? If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct...
Business Organization Expenses may be Tax Deductible
HOW ENTREPRENEURS MUST TREAT EXPENSES ON THEIR TAX RETURNS Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend...
Tax Issues for Divorcing Business Owners
DIVORCING BUSINESS OWNERS NEED TO PAY ATTENTION TO TAX IMPLICATIONS If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest...
Major Tax Law CHanges for Small Business Owners
A REFRESHER ON MAJOR TAX LAW CHANGES FOR SMALL-BUSINESS OWNERS The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to...
Father’s Day – What happens when Dad needs to stop working?
Lawyers call it “succession planning.” This simply means what do you need to do to organize your business to transfer it to the next generation, retire, or simply sell the business. Even though more businesses are becoming woman-owned, most of my business owner...
Brooklyn Bar Owner Jailed for not Paying $1.3M in Sales Taxes
Brooklyn Bar Owner Jailed for not Paying $1.3M in Sales Taxes On December 30, 2010 The principal owner of The Kettle Black, a popular sports bar and restaurant in the Bay Ridge section of Brooklyn, has pleaded guilty to stealing more than $1.3 million in city and...
