491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
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The home office deduction requires exclusive and regular use of a dedicated space. The simplified method is $5 per square foot (max $1,500).
Small Business & BookkeepingBusiness owners who use their personal vehicle for business have two methods to calculate the deduction. Standard mileage rate vs.
Small Business & BookkeepingBusiness owners who use a personal vehicle for work can deduct expenses using either the standard mileage rate (70 cents per mile for 2025) or the actual.
Small Business & BookkeepingUsing a personal vehicle for business creates a deduction worth $3,500-$15,000/year for most small business owners. Covers key rules, filing requirements,.
Small Business & BookkeepingThe business vehicle deduction is one of the most commonly claimed and most commonly audited deductions for small businesses.
Small Business & BookkeepingThe business vehicle deduction is the largest deduction for many small businesses. Standard mileage (70 cents/mile in 2025) is simpler.
Small Business & BookkeepingWhen a business owner buys commercial real estate (office, retail, warehouse, or mixed-use), the tax implications span depreciation, interest deductions.
Small Business & BookkeepingBuying equipment allows Section 179 expensing and bonus depreciation. Leasing provides fully deductible payments and preserves cash.
Small Business & BookkeepingMost small businesses benefit from S-Corp status, but C-Corps offer advantages in specific situations: retaining earnings at 21%.
Small Business & BookkeepingC-Corps pay a flat 21% corporate tax (TCJA rate, made permanent) with double taxation on distributions (qualified dividends taxed at 15-20%).
Small Business & BookkeepingA C-Corp pays a flat 21% corporate tax rate, then shareholders pay tax again on dividends (double taxation). but they are taxed completely differently.
Small Business & BookkeepingC-Corps face double taxation but offer unlimited shareholders, stock classes, and venture capital compatibility. Compare LLC, S-Corp, and sole.
Small Business & BookkeepingA captive insurance company is a licensed insurance company owned by the business (or business owner) it insures. Micro-captive insurance (IRC 831(b)).
Small Business & BookkeepingThe cash method recognizes income when received and expenses when paid. The accrual method recognizes income when earned and expenses when incurred.
Small Business & BookkeepingCash basis reports income when received and expenses when paid. Accrual basis reports income when earned and expenses when incurred.
Small Business & BookkeepingBusinesses with gross receipts of $32 million or less (2026) can use cash method. Accrual is required above that threshold, with exceptions for small taxpayers.
Small Business & BookkeepingC-Corp vs. S-Corp comparison: S-Corp advantages: - No double taxation. Income is taxed once at the shareholder level. - SE tax savings.
Small Business & BookkeepingThe optimal entity for real estate investment depends on the investment strategy. Entity comparison for real estate investment:.
Small Business & BookkeepingMost small businesses must use a calendar year (January 1 through December 31) for tax purposes. Sole proprietorships always use a calendar year.
Small Business & BookkeepingUnder IRC 274(b), the deduction for business gifts is limited to $25 per recipient per year. This cap has not been adjusted for inflation since 1962.
Small Business & BookkeepingWhen a business provides a vehicle to an employee (including an owner-employee). Personal use valuation methods:. Covers key rules, filing requirements,.
Small Business & BookkeepingA constructive dividend occurs when a C-Corporation confers an economic benefit on a shareholder without formally declaring a dividend.
Small Business & BookkeepingUnder the constructive receipt doctrine, income is taxable when it is made available to you without substantial limitations.
Small Business & BookkeepingConverting from C-Corp to S-Corp triggers the built-in gains (BIG) tax under IRC 1374 on appreciated assets sold within 5 years.