Partnerships
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Closing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close…
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Growing your business with a new partner: Here are some tax considerations
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are…
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When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as…
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Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want…
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Tax-favored Qualified Small Business Corporation status could help you thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains. QSBCs are the…
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Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and…
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