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Business Tax

Double Taxation: How Small Businesses Can Avoid It in the U.S.

October 17, 2024 by admin

Double Taxation: How Small Businesses Can Avoid It in the U.S.

Double taxation is a significant concern for small business owners in the United States. It occurs when the same income is taxed twice: once at the corporate level and again at the individual level when profits are distributed as dividends. This situation can create a financial burden for small businesses, affecting their ability to reinvest […]

Filed Under: Business Tax

“Extender” Legislation Impacts Individuals and Small Businesses

January 31, 2021 by admin

“Extender” Legislation Impacts Individuals and Small Businesses

The federal spending package that was enacted in the waning days of 2019 contains numerous provisions that will impact both businesses and individuals. In addition to repealing three health care taxes and making changes to retirement plan rules, the legislation extends several expired tax provisions. Here is an overview of several of the more important […]

Filed Under: Business Tax

Business Start-Up Costs — What’s Deductible?

October 20, 2020 by admin

Business Start-Up Costs — What’s Deductible?

Launching a new business takes hard work — and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. […]

Filed Under: Business Tax

Planning for the 3.8% Investment Tax

September 28, 2020 by admin

Higher income investors need to plan for the 3.8% “unearned income Medicare contribution” tax. This 3.8% tax was enacted as part of the 2010 health care overhaul. Some Details The tax applies only to taxpayers with modified adjusted gross income (AGI) above these levels: $200,000 (single/head of household), $250,000 (married filing jointly/surviving spouses), or $125,000 […]

Filed Under: Business Tax

Payroll Taxes: Who’s Responsible?

July 29, 2020 by admin

Payroll Taxes: Who’s Responsible?

Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]

Filed Under: Business Tax

Are Opportunity Zones an Opportunity for You?

June 22, 2020 by admin

Are Opportunity Zones an Opportunity for You?

Created by the TCJA in 2017, opportunity zones are designed to help economically distressed areas by encouraging investments. This article contains an introduction to the complex details of how these zones work. The IRS describes an opportunity zone as “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” […]

Filed Under: Business Tax

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