Accumulated Earnings Tax – What is it and how to avoid it
June 2023
We will explore the accumulated earnings tax by summarizing the purpose, reasonable needs test, exceptions, safe harbor provision, and the burden of proof related to this specific tax. By understanding these key aspects, you can ensure compliance with tax regulations while effectively managing your business's financial resources.
Read More
Tangible Property: To Capitalize or Expense?
March 2023
Small businesses and self-employed individuals can use tax deductions to reduce the amount of tax they owe each year. One of the often-misunderstood tax provisions is how to recognize expenses related to tangible property due to the multi-faceted way these expenses are treated under the tax law.
Read More
Business Structures: What Difference Does It Make?
December 2022
Choosing an appropriate business entity is one of the most critical decisions you will make for your business. It affects your taxes, personal liability, and overall profitability. In this article, we will cover five common types of business entities to choose from.
Read More