Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Continue reading
Tax Considerations When Selling Your Small Business
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Tag Archives: business tax planning
Avoiding an IRS Audit
Although just 0.15 percent of taxpayers were audited in 2019, the fear of being audited is never far from many taxpayer’s minds, and with the taxes becoming more complicated every year, there’s an even greater possibility of confusion turning into a tax mistake… and an IRS audit. Avoiding “red flags” like the ones listed below, however, could help you avoid one. Continue reading
BUSINESS TAX PROVISIONS: THE YEAR IN REVIEW
Here’s what business owners need to know about tax changes for 2020. Continue reading
Tax Extenders, Retirement Plan Changes, and Repeals
The Further Consolidated Appropriations Act of 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Continue reading
Standard Mileage Rates for 2020
Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: Continue reading
Starting a Home-Based Business
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs: home-based business people. Continue reading
Year-End Tax Planning Strategies for Businesses
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Continue reading
Deducting Business-Related Car Expenses
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. Continue reading
Recordkeeping Tips for Small Business Owners
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Continue reading
Choosing a Business Entity
When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it’s more important than ever to choose the business entity that benefits your business. Continue reading
