493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 2 of 21, newest first.
The accumulated earnings tax under IRC 531 imposes a 20% penalty tax on C-Corporations that retain earnings beyond the reasonable needs of the business.
Small Business & BookkeepingThe accumulated earnings tax (AET) under IRC 531-537 is a 20% penalty tax on C-Corporations that accumulate earnings beyond the reasonable needs.
Small Business & BookkeepingIRC 461(l) limits the amount of business losses that non-corporate taxpayers can deduct against non-business income to $305,000 (single) or $610,000 (MFJ).
Small Business & BookkeepingFile Form 1040-X to correct errors on a filed return within 3 years of filing or 2 years of paying the tax, whichever is later.
Small Business & BookkeepingForm 1040-X allows taxpayers to amend previously filed returns within 3 years of the original filing date (or 2 years from the date tax was paid.
Small Business & BookkeepingBusiness owners with seasonal or irregular income can use the annualized installment method (Form 2210 Schedule AI) to calculate estimated tax payments.
Small Business & BookkeepingThe assignment of income doctrine prevents a taxpayer from avoiding taxes by directing income they have earned to another person or entity.
Small Business & BookkeepingThe at-risk rules under IRC 465 limit a taxpayer's deductible losses from a business activity to the amount they have 'at risk' in that activity.
Small Business & BookkeepingThe IRS audits approximately 0.4% of individual returns but targets specific patterns: high Schedule C deductions relative to income.
Small Business & BookkeepingThe overall individual audit rate is approximately 0.4%, but certain factors dramatically increase the odds: high Schedule C income with large deductions.
Small Business & BookkeepingCertain patterns on Schedule C increase the likelihood of an IRS audit: high deductions relative to income, cash-intensive businesses, consistent losses.
Small Business & BookkeepingSchedule C is the most-audited form on a personal return. Common triggers: reporting a loss (especially multiple years in a row).
Small Business & BookkeepingIRC 280A(g) allows homeowners to rent their home for up to 14 days per year without reporting the rental income. Augusta Rule mechanics: 1.
Small Business & BookkeepingThe standard mileage rate for 2025 is 70 cents per mile. The actual expense method deducts fuel, insurance, repairs, depreciation, and registration.
Small Business & BookkeepingIf a contractor doesn't give you a valid TIN on Form W-9, you must withhold 24% of every payment as backup withholding and report it to the IRS on Form 945.
Small Business & BookkeepingBackup withholding under IRC 3406 requires payers to withhold 24% of certain payments (interest, dividends, rents, royalties, commissions.
Small Business & BookkeepingA business bad debt is deductible when the amount owed becomes uncollectible. Accrual-basis businesses deduct bad debts; cash-basis businesses.
Small Business & BookkeepingBartered services and goods are fully taxable at fair market value. How to report barter income, handle 1099-B from exchanges, and avoid mistakes.
Small Business & BookkeepingThe IRS taxes bartering at fair market value. If you trade services worth $5,000 for goods worth $5,000, you each report $5,000 in income.
Small Business & BookkeepingBartering (exchanging goods or services without cash) creates taxable income equal to the fair market value of what is received.
Small Business & BookkeepingBartering is taxable income at fair market value even when no cash changes hands. How trade exchanges, 1099-B reporting, and SE tax apply.
Small Business & BookkeepingLoans at interest below the Applicable Federal Rate trigger IRC 7872 imputed interest, taxed as a dividend, wages, or a gift depending on who lends to whom.
Small Business & BookkeepingThe Corporate Transparency Act requires most LLCs and corporations to report their beneficial owners to FinCEN. BOI reporting requirements: 1.
Small Business & BookkeepingBoth bonus depreciation and Section 179 allow full expensing of asset purchases, but they have different limitations, requirements, and use cases.