493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 12 of 21, newest first.
An 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.
Small Business & BookkeepingBusiness meals are deductible at 50% of cost when the meal has a clear business purpose and is not lavish or extravagant.
Small Business & BookkeepingBusiness meals are 50% deductible when the meal involves a business discussion with a client, customer, or business associate.
Small Business & BookkeepingBusiness meals are 50% deductible in 2025 (the 100% deduction for restaurant meals expired after 2022). 2025 business meals deduction rules: 50%.
Small Business & BookkeepingBusiness meals are 50% deductible in 2025 under IRC 274(k) when the taxpayer or an employee is present, the meal has a clear business purpose.
Small Business & Bookkeeping50% deductible: Business meals with a client, prospect, vendor, or business associate where business is discussed before, during, or after the meal.
Small Business & BookkeepingBusiness meals are 50% deductible in 2025 (the 100% restaurant meal deduction expired after 2022). The temporary 100% deduction for restaurant meals.
Small Business & BookkeepingBusiness meals with clients remain 50% deductible under IRC 274. Entertainment is fully nondeductible after TCJA. The current rules explained.
Small Business & BookkeepingBusiness meals are 50% deductible when there is a clear business purpose and the taxpayer or employee is present. Includes IRS rules, documentation.
Small Business & BookkeepingBusiness meals are 50% deductible in 2025 (the temporary 100% deduction for restaurant meals expired after 2022). Includes IRS rules, documentation.
Small Business & BookkeepingMissed the March 15 S-corp election deadline? Revenue Procedure 2013-30 offers late-election relief if you file within 3 years and 75 days.
Small Business & BookkeepingMixed-use property rules: General rule: when property is used for both business and personal purposes, only the business-use portion of expenses.
Small Business & BookkeepingMany business owners operate through a single entity when splitting operations across multiple LLCs or corporations would provide better liability.
Small Business & BookkeepingMany small business owners operate through a single entity, but structuring the business across multiple entities (a holding company plus one.
Small Business & BookkeepingMulti-member LLCs default to partnership taxation. Each partner reports their distributive share of income and deductions on their personal return.
Small Business & BookkeepingA multi-member LLC is taxed as a partnership by default (Form 1065). Each member receives a K-1. Multi-member LLC (partnership) tax rules: Filing.
Small Business & BookkeepingA business can owe income tax, sales tax, or both in states where it has nexus (a sufficient connection). Multi-state nexus overview.
Small Business & BookkeepingApportionment fundamentals: The three traditional factors: 1. Sales factor. The ratio of sales to customers in the state divided by total sales everywhere.
Small Business & BookkeepingService businesses that work with clients in multiple states may have nexus (tax filing obligations) in those states. The rules vary by state, but common.
Small Business & BookkeepingWhen a business has a loss, the net operating loss can be carried forward to offset future income. The NOL deduction is capped at 80% of taxable income.
Small Business & BookkeepingA net operating loss occurs when business deductions exceed income. Current NOL rules (tax years beginning after 2020): Carryforward: - NOLs carry forward.
Small Business & BookkeepingNet operating losses can be carried forward indefinitely but are limited to 80% of taxable income in any carryforward year.
Small Business & BookkeepingBusiness losses exceeding income create a net operating loss that carries forward indefinitely under current law. Covers key rules, filing requirements,.