Your choice of entity could make or break your tax strategy. Here’s a quick rundown of five entity types and their tax implications.
partnerships
Your Weekly Read
The QBI deduction and what’s new in the One, Big, Beautiful Bill Act
The QBI deduction is a valuable tax break for eligible small business owners. Here’s a look at the tax break and how it changes under OBBBA.
Turn a summer job into tax savings: Hire your child and reap the rewards
Are you considering bringing your high-school- or college-age child into your business this summer? Their summer job may be a smart tax move.
So many KPIs, so much time: An overview for businesses
Having trouble picking the right key performance indicators (KPIs) for your small business? Here’s how to narrow the search.
Self-employment tax: A refresher on how it works
Most small business owners are familiar with self-employment tax. Here’s a refresher on how it works and whether there’s a way to reduce it.
6 key elements of a business budget
A budget is essential for small businesses. But if you are stuck using the same budgeting process and format, maybe it’s time for an upgrade.
If your business has co-owners, you probably need a buy-sell agreement
For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.
Hiring your child to work at your business this summer
Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.
When partners pay expenses related to the business
If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.
Year-end tax tip to help your business qualify for the QBI deduction
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole...
Why do partners sometimes report more income on tax returns than they receive in cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the...
Good records are the key to tax deductions under IRS audit
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...
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144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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