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For Business
Sell your C-Corp business and pay no tax?:
It's possible under Section 1202
Section 1202 allows you to sell qualified small business stock (QSBS) on a tax-free basis! Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Let’s just suppose the following: You sell your C corporation stock. The…
Barter – Yes, it’s taxable:
But, the after-tax profit may be greater than you realize
Bartering: A taxable transaction even if your business exchanges no cash It’s good to read the above sentence a couple of times before proceeding to the rest of this post. A small local business may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in…
Wayfair-you’ve got just what I don’t need:
Why you're paying sales tax on internet purchases
I doubt there’s a more common question that I get from business owners that sell a product than -“How does the Supreme Court Wayfair decision affect me collecting sales tax from the products that I sell outside of Georgia?” Books have been written on this, but the short version is that until the recent Supreme…
Know your enemy’s plan- Read his audit guide:
What if you could read the IRS' audit guide
In chess (as in business), it’s good to be able to think three moves ahead. This is especially true when dealing with IRS auditors. Wouldn’t it be nice if you could read the plan on how they’ll review your books weeks before they came for their appointment? Well wish no more – this information…
Methods of Asset Protection:
specific steps you can take today
We ought to be always learning about most everything in life. But it’s especially important to keep current on ways to protect the assets that you’ve worked so hard for over the years. It today’s litigious climate you can’t be too careful. The audio podcast below describes how to do this. Although intended for Doctors,…
Tax Reform’s effect on meal deductions:
12 different types of business meals
We’ve published a lot of this topic but sometimes less is more. On the chart below, we take 12 different types of business meals and show how tax reform affects your tax deduction. Remember, you still need to document the 5 W’s to make the deduction withstand IRS scrutiny: Who What (dollar amount and…
Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
Most clients don’t really need to know all the aspects of Tax Reform. But a quick reference guide can be helpful. From the new rules on alimony to 529 plans to mortgage interest limitations to meals and entertainment and the new 20% business income deduction – here’s the tip sheet you’ll want to print and keep…
The biggest no-brainer for 2019 tax planning:
It's never too early to start saving 2019 taxes
We’re in the new year now. and it’s never too early to start saving taxes. The reason we call this the “no-brainer” of tax planning is simple. Amounts that are timely contributed to your Simple-IRA, 401(k), SEP-IRA, etc. are fully deductible, These amounts enjoy tax-deferred growth (the 8th wonder of the financial…
What a difference a name makes!:
Are you a dealer or investor? Here's how to tell the difference!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…
Is it too late to accrue a bonus for last year?:
Not if done correctly
Is there still time to pay 2018 bonuses and deduct them on your 2018 return? [Editor’s note: This post pertains to bonuses paid to your employees and non-owners. Special rules apply to related parties, so be sure to contact us before venturing into that area. That said, let’s discuss how to reward your team members…