Can You Convert a Partnership into an S Corp Tax-Free?
Can You Convert a Partnership into an S Corp Tax-Free?
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Business
Key Provisions Of The Inflation Reduction Act Of 2022
Key Provisions Of The Inflation Reduction Act Of 2022
How to Deduct the Costs of Thinking about Starting a New Business
I am writing because you recently told me you plan on starting a new business. This is very exciting, and I want to ensure you maximize your tax benefits with this new venture. In one recent case, a decorated ex-Air Force pilot sought to start an aviation business. She hoped to offer aerial land surveys, …
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What Is The $75 Receipt Rule for Business Vehicles?
I hear this all the time: My tax preparer says there is no such thing as a $75 rule for receipts on vehicle expenses. He says I need receipts for all my automobile expenses. Can you give me the rule that says I do not require receipts if the vehicle expense is less than …
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Grouping: Powerful Tax Strategy for Owners of Multiple Businesses
When you own more than one business, you need to consider the grouping rules that apply for passive-loss purposes. Should one of your businesses lose money, you may not deduct the losses from that business during the current tax year unless you 1. materially participate in the business or, if grouped, materially participate in the …
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Entertainment Facility – Perk For You And Your Employees
Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Now say, 10 years later, without any tax consequence to you, you start using the beach home as your own. Is this possible? Yes. Are …
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Qualified Small Business Stock, Does It Have Value?
Section 1202 offers a once little-known exclusion from income for gain on qualified small business stock (“QSB stock”). The provision has undergone substantial revisions over the years and came back into vogue as a result of the Tax Cuts & Jobs Act. Where applicable, section 1202’s exclusion offers a substantial and legitimate tax shelter: …
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Your 2021 Business: Time To Review
Don’t look now, however, 2021 is nearly over. 2022 is almost here! And as we approach the end of the year, now is the best time to look back at what occurred in your 2021 business over that time. That provides you an opportunity to not just reflect on what has taken place but …
Three Rules of Depreciation: Why, When, and What
What are the three rules of depreciation and why would it matter to you? Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible. But if you use it in a …
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