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Small Business

If your business has co-owners, you probably need a buy-sell agreement

Buy-Sell Agreement, Small Business, Small Business Owners /

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]

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Be aware of the tax consequences of selling business property

Capital Gains, Federal Taxes, Ordinary Income Tax, Sale of Business Assets, Small Business, Small Business Owners, Small Business Tax Tips, Tax Laws /

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more

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Consider borrowing from your corporation but structure the deal carefully

C Corporation, Closely Held Corporations, Dividend Distribution, Shareholder, Shareholder Loans, Small Business, Small Business Owners /

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders

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2024 Q3 tax calendar: Key deadlines for businesses and other employers

2024 Tax Calendar, 2024 Tax Deadlines, Small Business /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July

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How family businesses can solve the compensation puzzle

Family Business, Small Business, Small Business Owners /

Every type of company needs to devise a philosophy, strategy and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff. If your company is family-owned, you’ve probably encountered some puzzling difficulties in this area. The good news is solutions can be found. Perspectives to consider Compensation

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Hiring your child to work at your business this summer

C Corporation, College children on The Payroll, Hiring Your Child In the Summer, Roth IRA, S Corporation, Small Business, Small Business Owners /

With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of

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Figuring corporate estimated tax

Estimated Tax Payments, Small Business, Small Business Owners, Small Business Tax Tips /

The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment

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Should you convert your business from a C to an S corporation?

(LIFO) Last In, First Out Inventory Method, C Corporation, S Corporation, Small Business, Small Business Owners, Small Business Tips /

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in

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