493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
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An LLC can convert to a corporation through several methods, each with different tax consequences. LLC to corporation conversion methods.
Small Business & BookkeepingConverting a single-member LLC to S-Corp taxation involves filing Form 2553 (Election by a Small Business Corporation) with the IRS.
Small Business & BookkeepingConverting a sole prop to an S-Corp mid-year requires forming the entity, filing Form 2553, transferring assets. Compare LLC, S-Corp, and sole.
Small Business & BookkeepingConverting from a sole proprietorship to an S-Corp requires forming an LLC or corporation, then filing Form 2553 to elect S-Corp status.
Small Business & BookkeepingA cost segregation study reclassifies building components from 39-year (commercial) or 27.5-year (residential) depreciation to 5, 7, or 15-year property.
Small Business & BookkeepingA cost segregation study reclassifies building components from 39-year to 5, 7, or 15-year property, accelerating depreciation deductions.
Small Business & BookkeepingA cost segregation study is an engineering-based analysis that identifies and reclassifies components of a commercial building from the standard 27.5-year.
Small Business & BookkeepingA cost segregation study is an engineering-based analysis that reclassifies components of a building from 27.5-year (residential) or 39-year (commercial).
Small Business & BookkeepingA cost segregation study reclassifies components of a commercial building from 39-year (or 27.5-year residential) depreciation to 5-year, 7-year.
Small Business & BookkeepingA cost segregation study reclassifies building components from 39-year to 5, 7, or 15-year property, accelerating depreciation.
Small Business & BookkeepingA cost segregation study reclassifies 20-40% of a commercial building's cost from 39-year to 5, 7, or 15-year property, eligible for bonus depreciation.
Small Business & BookkeepingCrowdfunding has become a major funding source for small businesses, but the tax treatment depends entirely on the type of crowdfunding.
Small Business & BookkeepingCrowdfunding revenue from Kickstarter and Indiegogo is taxable income. The tax treatment depends on whether the campaign is reward-based, equity.
Small Business & BookkeepingBusinesses that accept cryptocurrency as payment report the FMV as ordinary income. Crypto held as an investment is subject to capital gains tax.
Small Business & BookkeepingCryptocurrency received as payment is ordinary income at FMV on the date received. Selling crypto triggers capital gains or losses.
Small Business & BookkeepingCryptocurrency is property for tax purposes (IRS Notice 2014-21). Every sale, trade, or use of crypto to pay for goods/services is a taxable event.
Small Business & BookkeepingCryptocurrency received as payment for goods or services is taxable income at fair market value on the date received. Crypto tax events for small.
Small Business & BookkeepingCryptocurrency is treated as property (not currency) for U.S. federal tax purposes under IRS Notice 2014-21. The IRS treats cryptocurrency as property.
Small Business & BookkeepingThe IRS classifies cryptocurrency as property under Notice 2014-21, not currency. Every sale, trade, or use of crypto in a business is a taxable event.
Small Business & BookkeepingAccepting crypto as payment is a taxable event (income at FMV on receipt). Paying employees or contractors in crypto requires W-2/1099 reporting.
Small Business & BookkeepingCryptocurrency mining conducted as a trade or business (not a hobby) generates ordinary income equal to the fair market value of the coins at the time.
Small Business & BookkeepingCryptocurrency is treated as property (not currency) for federal tax purposes under IRS Notice 2014-21. Cryptocurrency tax events for businesses.
Small Business & BookkeepingCryptocurrency is treated as property by the IRS, not currency. Every sale, exchange, or use to pay for goods/services is a taxable event.
Small Business & BookkeepingThe IRS treats cryptocurrency and other digital assets as property, not currency, meaning every transaction involving crypto is a taxable event.