You are here

Understanding Tax Terms: Pass-through Entities What are they? Why should you care?

Mon, Oct 8th 2018
Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "pass-through" entities like S corporations, Partnerships and Limited Liability Companies (LLC). Pass-through entities... Read More »

Time to Launch Your Tax Strategy

Mon, Oct 1st 2018
  Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply any tax implications this income change may cause. Be sure to account for the lower tax rates and the elimination of exemptions. Remember, if your income is rising, more of your income could be subject to a higher tax rate. Your... Read More »

Choosing between a calendar year and a fiscal year

Mon, Sep 24th 2018
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more sense. The ins and outs A calendar year, as you would expect, covers 12 consecutive months, beginning January 1 and ending December 31. Flow-through businesses (... Read More »

Handle buy-sell agreements with care

Mon, Sep 17th 2018
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts with other owners or family members. Consider the benefits A well-crafted buy-sell agreement... Read More »

Education: Tax changes you need to know

Mon, Sep 10th 2018
As students gear up to head back to school, there are some changes to education deductions that could save or cost you more in taxes and even raise college tuition costs. Here is what you need to know to get up to speed: What's gone Continuing Education as an itemized deduction: In previous years, you could deduct expenses paid for job-related continuing education as a miscellaneous itemized deduction. This deduction has been eliminated. However, if your employer will pay for the education,... Read More »

Pages