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Small Business

Self-employed? Don’t overlook valuable tax deductions

Leave a Comment / Education Tax Breaks, Federal Income Tax, Home Office Deduction, Independent Contractors, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Tax Deduction, Tax-Deductible Business Expenses /

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

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Beware of potential tax issues when selling self-created intangibles

Leave a Comment / (LTCG) Net Long-Term Capital Gain, Capital Losses, Federal Taxes, Intangible Assets, Ordinary Income Tax, Small Business, Small Business Tax Tips, Small Business Tips /

Many modern businesses rely on intangible assets, such as goodwill, trademarks and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed or transferred. Generally, intangibles qualify as capital assets that generate capital

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What’s a “small business,” and why does it matter?

Leave a Comment / Cash Method of Accounting, Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, UNICAP- Uniform Capitalization Rules /

Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be eligible for some so-called small

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What you need to know about business insurance

Leave a Comment / Independent Insurance Broker, Insurance, Small Business, Small Business Owners, Small Business Tips /

Given the many potential threats to your business’s assets, cash flow and human resources, which types of insurance products and how much coverage do you need? Some organizations pay for policies that don’t make sense based on their industry or operations. Others have inadequate coverage where risk may be significant. What about your business? It

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Tax identity theft: Businesses are at risk, too

Leave a Comment / Cybersecurity, Small Business, Small Business Owners, Small Business Tips, Tax Identity Theft /

Tax identity theft isn’t limited to individual taxpayers — businesses are also targeted through their Employer Identification Numbers (EINs), payroll systems and tax filings. The financial impact of these crimes can be significant. Businesses may face delayed or stolen tax refunds, unauthorized payroll filings, and the time and expense of resolving IRS issues. There may

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2 retirement plans for small businesses with lean budgets

401 K, Employee Benefits, IRA, Savings Incentives Match Plans for Employees (SIMPLEs), Self Employed, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tips /

Most business owners would like to offer their employees a 401(k) retirement savings plan with all the bells and whistles. But for small businesses with lean budgets and small staffs, offering such benefits may be out of the question. Fortunately, SEP IRAs and SIMPLE IRAs are less expensive and easier to administer. Might one of

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Cost segregation studies can reveal substantial tax savings

Cost Segregation Study, Depreciation, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Businesses that own commercial real property may be sitting on an overlooked treasure chest of tax savings — and a cost segregation study can be the key to unlocking it. This is a strategic tool that combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than

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Unlock tax-free gains with QSB stock

C Corporation, One, Big, Beautiful Bill Act, Pass Through Taxation, QSB Shareholders, Qualified Business Stock (QSB), Qualified Small Business Corporation (QSBC), Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

If you run your business as a C corporation, you may be eligible for a potentially significant tax break for qualified small business (QSB) stock. This opportunity has existed for years, but recent tax law changes have enhanced it. What’s a QSB corporation? QSB corporations are a special type of C corporation. At the entity level, QSB

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How to ensure your business really owns its intellectual property

Federal Copyright Law, Intellectual Property, Small Business, Small Business Owners, Small Business Tips /

Whether it’s a trademark, copyright, patent, trade secret or other piece of IP, its ultimate value to your business depends on you owning it. Without airtight agreements with employees and independent contractors, these workers may claim that the IP they research and develop belongs to them. Some companies learn they don’t actually own IP assets only

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Material participation: Why it matters for LLP and LLC owners

Limited Liability Company, Limited Liability Partnership (LLP), Passive Activity Loss (PAL), Small Business, Small Business Owners, Small Business Tips /

The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or limited liability company (LLC). Depending on how your ownership interest is treated under these rules, you may have more or less flexibility to claim losses in the current year. Here’s a

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