Tax Deduction
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Small businesses: Cash in on depreciation tax savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other…
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The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as…
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The importance of S corporation basis and distribution elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses…
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Do you want to withdraw cash from your closely held corporation at a low tax cost?
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is…
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Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive…
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Business website costs: How to handle them for tax purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately,…
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