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Year-end tax tip to help your business qualify for the QBI deduction

Year-end tax tip to help your business qualify for the QBI deduction

Dec 28, 2020 | Small Business

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...
Good records are the key to tax deductions under IRS audit

Good records are the key to tax deductions under IRS audit

Jul 6, 2020 | Individuals, Small Business

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...
Does your small business have an emergency succession plan?

Does your small business have an emergency succession plan?

Jun 22, 2020 | Small Business

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have...
Have a side gig? Make sure you understand your tax obligations

Have a side gig? Make sure you understand your tax obligations

Mar 2, 2020 | Individuals

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking...
Which entity is best for your new or existing small business?

Which entity is best for your new or existing small business?

Jul 15, 2019 | Small Business

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income...
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