491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 20 of 21, newest first.
Equity compensation is one of the most complex areas of individual and business taxation because the tax consequences depend on the type of award.
Small Business & BookkeepingAdding a partner to a sole proprietorship changes the tax structure from Schedule C to Form 1065 (partnership return). What changes when you add a partner.
Small Business & BookkeepingThe tax treatment of business litigation proceeds depends on the origin of the claim. Tax treatment of damages received (recipient's perspective): |.
Small Business & BookkeepingA C-Corp pays 21% with double taxation on distributions. An S-Corp passes income through to the owner's personal return with no entity-level tax.
Small Business & BookkeepingHiring family members is one of the most underutilized tax strategies for small business owners because it accomplishes multiple objectives.
Small Business & BookkeepingBonuses are deductible when properly accrued and paid within 2.5 months of year-end (the IRC 267/404(a)(5) rule for related parties).
Small Business & BookkeepingReal estate developers face one of the most consequential tax classifications in the code: dealer vs. investor. Dealer vs.
Small Business & BookkeepingReal estate professional status (REPS) under IRC 469(c)(7) is one of the most valuable tax classifications a taxpayer can achieve because it allows rental.
Small Business & BookkeepingRental real estate is the most tax-advantaged asset class in the U.S. Depreciation, 1031 exchanges, and cost segregation can defer or eliminate the tax.
Small Business & BookkeepingRental property investing offers unique tax advantages that no other investment class can match. Tax benefits of rental property.
Small Business & BookkeepingThe IRS requires businesses to keep records that support the income and deductions reported on tax returns for the applicable statute of limitations.
Small Business & BookkeepingIntellectual property (IP) has unique tax treatment depending on how it is created, acquired, and monetized. IP classification and tax treatment: | IP.
Small Business & BookkeepingCash-method businesses can accelerate deductions by prepaying certain expenses before year-end. Under the 12-month rule (Reg.
Small Business & BookkeepingBusiness travel expenses are deductible under IRC 162 when the trip requires an overnight stay away from the taxpayer's tax home.
Small Business & BookkeepingBusiness travel is deductible when the trip is primarily for business, requires overnight stay. Business travel deductions are among the most valuable.
Small Business & BookkeepingUnder IRC 6672, a responsible person who willfully fails to pay over payroll taxes withheld is personally liable for 100% of the unpaid trust fund tax.
Small Business & BookkeepingThe trust fund recovery penalty under IRC 6672 holds 'responsible persons' personally liable for the employee portion of payroll taxes (federal income tax.
Small Business & BookkeepingIRC 280A establishes the tax rules for properties that serve dual purposes as both personal residences and rental properties.
Small Business & BookkeepingRenting your home for 14 days or fewer per year makes the income completely tax-free (the 'Masters exemption'). Above 14 days, the personal use vs.
Small Business & BookkeepingBusiness owners choose between standard mileage rate (70 cents/mile in 2025) and actual expenses for vehicle deductions.
Small Business & BookkeepingSelf-employed business owners who use a personal vehicle for business can deduct either the standard mileage rate or actual vehicle expenses.
Small Business & BookkeepingBusiness vehicle deductions come in two methods: standard mileage (70 cents/mile in 2025, simpler) or actual expenses (gas, insurance, repairs.
Small Business & BookkeepingVehicles over 6,000 lbs GVWR qualify for full Section 179 or bonus depreciation (no IRC 280F luxury auto limits). Includes IRS rules, documentation.
Small Business & BookkeepingBuy vs. lease on a business vehicle turns on weight. Under 6,000 lbs GVWR, luxury limits cap depreciation; heavier trucks and vans can be expensed in year one.