167 plain-English guides on tax planning, each one ending in what to do next.
Page 4 of 7, newest first.
Solo 401(k) allows the highest contribution ($23,500 employee + 25% employer, up to $70,000 combined for 2025). Compare SEP-IRA, solo 401(k), and SIMPLE.
Tax PlanningSmall businesses with employees have different retirement plan considerations than solo operators. Retirement plans for businesses with employees.
Tax PlanningThe Solo 401(k) allows the highest contributions ($70,000 in 2025 for those under 50, $73,500 for 50+, $81,250 for ages 60-63).
Tax PlanningSmall businesses with up to 50 employees can claim a tax credit of up to $5,000/year for 3 years for starting a retirement plan.
Tax PlanningSmall businesses with under $5 million in gross receipts can use the R&D credit to offset payroll tax (up to $500,000/year).
Tax PlanningBusiness owners can manage their income through salary, distributions, and deductions to optimize Roth conversions. Covers key rules, filing requirements,.
Tax PlanningSeasonal businesses face unique tax challenges because income is concentrated in a few months while many expenses occur year-round.
Tax PlanningThe Section 199A qualified business income (QBI) deduction allows pass-through business owners to deduct up to 20% of qualified business income.
Tax PlanningThe qualified business income deduction under IRC 199A provides a 20% deduction on pass-through business income. QBI deduction framework: Below the income.
Tax Planning529 plan basics for business owners: 1. Federal tax treatment. Contributions are NOT deductible for federal income tax purposes. Growth is tax-free.
Tax PlanningSelf-employed individuals can deduct 100% of health insurance premiums (medical, dental, vision) for themselves, their spouse, and dependents.
Tax PlanningA solo 401(k) allows self-employed individuals with no employees (other than a spouse) to contribute up to $70,000 per year (2025) as both employee.
Tax PlanningA specified service trade or business (SSTB) loses the QBI deduction when income exceeds $191,950 (single) or $383,900 (MFJ).
Tax PlanningThe TCJA capped the state and local tax (SALT) deduction at $10,000 ($5,000 married filing separately) for individual filers.
Tax PlanningUnderstanding marginal vs. effective tax rates prevents business owners from making bad decisions to 'stay in a lower bracket.' The 2025 federal brackets.
Tax PlanningSmall business owners face multiple taxes layered on top of each other: federal income tax (10-37%), self-employment tax (15.3%), and state income tax.
Tax PlanningA business owner in the 24% bracket does not pay 24% on all income. The effective rate is always lower because income fills lower brackets first.
Tax PlanningFranchise businesses have unique tax considerations that differ from independent businesses, starting with the treatment of the initial franchise fee.
Tax PlanningTax credits reduce your tax dollar-for-dollar, not just your taxable income. Tax credits are fundamentally different from tax deductions.
Tax PlanningSmall employers can reduce their tax liability dollar-for-dollar through several targeted credits. Small employer tax credits summary.
Tax PlanningFranchising presents unique tax rules that differ from starting an independent business. Franchise cost tax treatment. Includes IRS rules, documentation.
Tax PlanningA net operating loss (NOL) under IRC 172 arises when a taxpayer's allowable deductions exceed gross income for the tax year.
Tax PlanningBusiness losses from startup years, equipment purchases, or economic downturns create tax loss carryforwards that offset future income.
Tax PlanningBusiness owners can harvest tax losses by selling depreciated assets, abandoning worthless inventory, or recognizing bad debts.