If you own a growing, unincorporated small business, you may be concerned about high self-employment tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. Self-employment tax basics The maximum 15.3% self-employment tax rate hits the first $168,600 of your 2024 net SE income. The 15.3%
Are you required to charge sales tax on construction services? The answer to this depends on which state(s) you operate within. Most states consider construction labor to fall under the non-taxable service umbrella. However, some states (like Arizona and New Mexico) require you to charge sales tax on construction labor. In this case, you’d need
Talk to your CPA first Before applying for a startup business loan, the smartest move is to talk first with your business CPA. (No, we’re not just saying that because we are CPAs!) As with any debt you take on, there are risks involved, and it’s important to understand how a startup business loan will
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed
What is a like-kind exchange? A like-kind exchange — also referred to as a 1031 exchange — is when you sell an investment or business property and purchase another similar investment property. This allows you to defer the capital gains you’d normally pay on the sale of a property that has increased in value. This piece
Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Landmark CPAs is pleased to announce Garland & Greenwood CPAs will merge with Landmark CPAs, effective January 1, 2025. This merger brings together two highly respected firms, combining their extensive expertise and resources. Garland & Greenwood partners John Brock, Jake Froemsdorf, Rocky Goodman, and Greg Schichtl, along with 36 staff members, will join Landmark CPAs,
Partnerships are often used for business and investment activities. Multi-member LLCs are also treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules, so it’s important
In the current business environment, many companies are finding it difficult — or prohibitively expensive — to secure the insurance coverage they need. One solution that may be worth exploring is to form or join a captive insurance company. Simply put, a captive insurance company is a licensed insurance company that’s owned and operated by
If you’re the owner of a pass-through entity, the taxes on real estate gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Let’s say you own real estate that has been held for more than one year and is sold