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Small Business Tax Tips

The tax traps of personally guaranteeing a loan to your corporation

Business Bad Debt Deduction, Closely Held Corporations, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

If you’re considering guaranteeing, or are asked to guarantee, a loan to your closely held corporation, it’s important to understand the potential tax consequences. Acting as a guarantor, endorser or indemnitor means that if the corporation defaults, you could be responsible for repaying the loan. Without planning ahead, you may face unexpected tax implications. A […]

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Tax Court case provides lessons on best recordkeeping practices for businesses

Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this

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Investing in qualified small business stock now offers expanded tax benefits

Individual Tax Tips, One, Big, Beautiful Bill Act, Qualified Business Stock (QSB), Small Business, Small Business Stock, Small Business Tax Tips /

By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A

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Divorcing as a business owner? Don’t let taxes derail your settlement

Business Valuation, Divorce, Federal Income Tax, Gift Tax, Ordinary Income Tax, Small Business, Small Business Owners, Small Business Tax Tips /

Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Understanding the tax rules that apply to asset division can help you

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Lower your self-employment tax bill by switching to an S corporation

Federal Employment Tax, Federal Taxes, Limited Liability Company, Partnerships, S Corporation, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors, Taxes 2025 /

If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject

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A tax guide to choosing the right business entity

Business Entities, Employees, Limited Liability Company, Partnerships, Payroll Tax, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors /

One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a

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The new law includes favorable changes for depreciating eligible assets

Assets, Business owned Property, Depreciable Business Equipment, Depreciation, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualified Improvement Property (QIP), Small Business, Small Business Owners, Small Business Tax Tips, Software /

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired

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Significant business tax provisions in the One, Big, Beautiful Bill Act

Business Interest Expenses, Clean Vehicle Credit, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualifying Leave for Family Medical Leave, Small Business, Small Business Owners, Small Business Tax Tips, Tax Incentives /

The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year

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5 tax breaks on the table: What business owners should know about the latest proposals

(R&D) Research and Development, Business Income Tax, Corporate Federal Income Tax Rate, Federal Taxes, Independent Contractors, Past-Through Entities, Qualified Business Income Deducton (QBI), Section 179, Small Business Owners, Small Business Tax Tips, Small Business Tips /

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean

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Turn a summer job into tax savings: Hire your child and reap the rewards

Federal Income Tax, Federal Unemployment (FUTA Tax, Hiring Your Child In the Summer, Income Tax, Individual Income Tax, Roth IRA, Simplified Employee Pension (SEP), Small Business Tax Tips, Social Security Tax, Summer Employees /

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three

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