491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 11 of 21, newest first.
Business owners who owe taxes they cannot pay in full have options: short-term payment plans, long-term installment agreements, Offer in Compromise.
Small Business & BookkeepingThe IRS imposes penalties on late filing (IRC 6651(a)(1), 5% per month up to 25%), late payment (IRC 6651(a)(2), 0.5% per month up to 25%).
Small Business & BookkeepingIRS penalties can be abated through first-time abatement (administrative waiver) or reasonable cause. FTA is the easier path and requires no documentation.
Small Business & BookkeepingForm 2848 (Power of Attorney and Declaration of Representative) authorizes a CPA, enrolled agent, or attorney to represent you before the IRS.
Small Business & BookkeepingThe IRS does not have unlimited time to audit your return, assess additional taxes, or collect on a tax debt. Statute of limitations overview.
Small Business & BookkeepingIf you owe taxes and can't pay in full, the IRS offers several payment options. A short-term payment plan (180 days) has no setup fee.
Small Business & BookkeepingThe IRS requires business records for 3-7 years depending on the type. Retention periods by record type: Keep for 3 years (standard audit statute): -.
Small Business & BookkeepingThe decision to lease or buy business equipment involves trade-offs between immediate tax deductions, cash flow preservation, and total cost of ownership.
Small Business & BookkeepingBuying equipment offers Section 179 immediate expensing and bonus depreciation. Leasing preserves cash and provides ongoing deductions.
Small Business & BookkeepingLeasehold improvements (also called tenant improvements or build-outs) are permanent improvements made to leased commercial space by either the tenant.
Small Business & BookkeepingBuying equipment gives you Section 179 and bonus depreciation upfront. Leasing spreads the deduction over the lease term.
Small Business & BookkeepingA 1031 like-kind exchange under IRC 1031 defers capital gains and depreciation recapture taxes when selling business or investment real estate.
Small Business & BookkeepingA like-kind exchange under IRC 1031 allows a taxpayer to defer capital gains tax when selling investment or business-use real property and reinvesting.
Small Business & BookkeepingA like-kind exchange under IRC 1031 allows a taxpayer to defer capital gains tax on the sale of investment or business real property by reinvesting.
Small Business & BookkeepingA 1031 like-kind exchange under IRC 1031 allows an investor to defer all capital gains and depreciation recapture taxes when selling an investment.
Small Business & BookkeepingA 1031 like-kind exchange allows a real estate investor to sell an investment or business property and defer all capital gains tax by reinvesting.
Small Business & BookkeepingA 1031 like-kind exchange (IRC 1031) allows real estate investors and business owners to defer capital gains tax and depreciation recapture when selling.
Small Business & BookkeepingA like-kind exchange under IRC 1031 allows a real estate investor to defer capital gains tax indefinitely by exchanging one investment or business-use.
Small Business & BookkeepingCritical tax provisions for LLC operating agreements: 1. Allocation of income and losses (IRC 704(b)). Allocation of income.
Small Business & BookkeepingA side-by-side comparison of tax treatment for sole proprietors, single-member LLCs, and S-Corps at three income levels.
Small Business & BookkeepingAn LLC is a legal structure (liability protection), not a tax election. An S-Corp reduces self-employment tax. Compare LLC, S-Corp, and sole.
Small Business & BookkeepingAn LLC provides liability protection but does not change the tax treatment by default. A sole proprietor and a single-member LLC file the same Schedule C.
Small Business & BookkeepingAn LLC does NOT change your tax rate. A single-member LLC is taxed identically to a sole proprietorship (Schedule C, SE tax on all net profit).
Small Business & BookkeepingSelf-employment tax (15.3% on net SE income up to $176,100, then 2.9% Medicare above) is the largest tax many sole proprietors pay.