September is a great month to start implementing tax planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider
If you own a business, you may wonder if you’re eligible to take the qualified business income deduction (QBI deduction).
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
If you own rental property, classifying it as a trade or business can have an impact on the tax breaks for rental real estate.
Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.
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%.
For decades, business owners debated the merits of switching from a C corp to an S corp, mainly for the tax advantages offered by an S corp to its owners. With the new tax act in place, the debate has flipped, and S corp owners are wondering if changing to a C corp might be advantageous.