The choice of the best business entity for your needs is important and complex. We have seen many business owners, even with the advice of counsel, make the wrong decision, or make no decision at all, by operating as a sole proprietorship or general partnership. This can have devastating consequences both from a tax and an asset protection perspective. We have heard tax professionals counsel their clients to wait a few years before setting up a corporation in order to save the extra costs of filing a corporate return. Or they recommend “keeping it simple” with an “S” Corporation, ignorant of the insufficient protection this structure provides.
Continue reading “Tax Strategy”
Strategy: Hire your spouse to work as an official employee. Why put your spouse on the payroll? Because you can gain five tax benefits:
Continue reading “Grab 5 Quick Tax Perks: Put Spouse on Payroll”
The new tax law has lots of business breaks. 100% depreciation is back, temporarily. Firms can write off the entire cost of qualifying assets that they buy and place in service after September 27, 2017. It generally lasts until 2022 and then phases out 20% for each year thereafter. Assets bought before September 28, but put into use later, are subject to the old rules.
Continue reading “Business Changes to Depreciation”
You can’t deduct the cost of the time and effort you spend on behalf of charity. But that doesn’t mean your good deeds will go for tax naught.
Continue reading “Step Forward to Receive Deductions for Good Deeds”