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4 ways corporate business owners can help ensure their compensation is “reasonable”

C Corporations, Compensation, Compensation and Benefits, Employees, Small Business, Small Business Owners, Stocks, Tax Return /

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed […]

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The easiest way to survive an IRS audit is to get ready in advance

Individual Income Tax, Internal Revenue Service (IRS), IRS Audit, Small Business, Tax Record Retention /

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In the fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations, and high-income individuals are more

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Rioting damage at your business? You may be able to claim casualty loss deductions

Income Tax, Insurance, Small Business /

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage

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Getting help with a business interruption insurance claim

Insurance, Small Business /

To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on the scope of

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