491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 19 of 21, newest first.
Converting a C-Corp to S-Corp triggers the built-in gains (BIG) tax: a corporate-level tax on appreciation that existed at conversion.
Small Business & BookkeepingWhen a property owner converts a rental property to personal use or converts a personal residence to a rental property, the tax treatment of depreciation.
Small Business & BookkeepingCrowdfunding has become a common way to raise capital for new businesses, but the tax treatment varies dramatically depending on the type of crowdfunding.
Small Business & BookkeepingBusinesses that accept cryptocurrency as payment for goods or services must recognize ordinary income equal to the fair market value of the cryptocurrency.
Small Business & BookkeepingExcluding forgiven debt under IRC 108 isn't free: it cuts your NOLs, credits, capital loss carryovers and asset basis, in a set order, reported on Form 982.
Small Business & BookkeepingIRC 132 excludes eight kinds of fringe benefits from employee income, including working condition, de minimis and qualified transportation fringes, each with its own test.
Small Business & BookkeepingThe Employee Retention Credit (ERC) under IRC 3134 was one of the largest business tax credits in US history. ERC eligibility requirements.
Small Business & BookkeepingTips are taxable income to employees. Employers must collect and report tips on Form 8027 (for food/beverage establishments).
Small Business & BookkeepingBefore the Tax Cuts and Jobs Act (TCJA), business owners could trade in equipment, vehicles. post-TCJA equipment trade-in treatment.
Small Business & BookkeepingAs a hobby, the income goes on Schedule 1 with almost no deductions. As a business, it goes on Schedule C, losses can offset other income, and SE tax and the QBI deduction apply.
Small Business & BookkeepingJoint ventures between two or more businesses create different tax consequences depending on whether the arrangement is structured as a partnership.
Small Business & BookkeepingConverting an LLC to a corporation (or vice versa) is one of the most common entity restructuring transactions for growing businesses. Under Rev. Rul.
Small Business & BookkeepingLLC to S-Corp conversion mechanics: 1. Form 2553 (Election by a Small Business Corporation). Filed with the IRS to elect S-Corp tax treatment.
Small Business & BookkeepingMixed-use property creates some of the most complex tax calculations in the individual and small business tax code because the same property serves.
Small Business & BookkeepingBusiness loan interest is deductible under IRC 163. Loan proceeds are NOT income. Business loans create several tax events that are frequently.
Small Business & BookkeepingWhen a partner exits a partnership, the tax consequences depend on whether payments are for the partner's interest in partnership property (IRC 736(b)).
Small Business & BookkeepingPartnership distributions are generally tax-free to the extent of the partner's basis under IRC 731. Distributions exceeding basis trigger capital gains.
Small Business & BookkeepingPartnership distributions are generally tax-free to the extent of the partner's outside basis, but the rules governing when a distribution triggers gain.
Small Business & BookkeepingGuaranteed payments under IRC 707(c) are payments made by a partnership to a partner for services or the use of capital.
Small Business & BookkeepingPartnerships file Form 1065 (informational) and issue K-1s to partners. Partners pay self-employment tax on their distributive share.
Small Business & BookkeepingWhen two or more partnerships merge, or when one partnership divides into two or more separate entities. Partnership merger mechanics.
Small Business & BookkeepingRemote employees in other states create payroll withholding, income tax, and unemployment insurance obligations. Which states have the strictest rules.
Small Business & BookkeepingHiring remote employees in other states creates tax nexus for the employer. Hiring a remote employee in another state triggers multiple state tax.
Small Business & BookkeepingRenting personally owned property to your S-Corp creates a deductible expense for the business and rental income for you personally.