1,454 plain-English guides on us tax, each one ending in what to do next.
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Business owners who want to maximize the tax benefit of charitable giving have several strategies available that go far beyond writing a check.
US TaxBusiness owners can deduct charitable contributions through the business (C-Corp) or personally (pass-through entities).
US TaxA charitable remainder trust (CRT) allows a business owner to transfer appreciated assets to an irrevocable trust. CRAT vs.
US TaxThe optimal entity for real estate investment depends on the investment strategy. Entity comparison for real estate investment: | Factor | Single-Member LLC.
US TaxMost small businesses must use a calendar year (January 1 through December 31) for tax purposes. Sole proprietorships always use a calendar year.
US TaxUnder 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.
US TaxClosing a business triggers specific IRS and state obligations: final tax returns (marked 'Final').
US TaxWhen a business provides a vehicle to an employee (including an owner-employee). Personal use valuation methods: | Method | How It Works | Requirements |.
US TaxA conservation easement is a legal agreement between a landowner and a qualified organization (typically a land trust or government entity) in which the.
US TaxA constructive dividend occurs when a C-Corporation confers an economic benefit on a shareholder without formally declaring a dividend.
US TaxUnder the constructive receipt doctrine, income is taxable when it is made available to you without substantial limitations.
US TaxUnder the constructive receipt doctrine (Treas. Reg. 1.451-2), income is taxable in the year it is credited, set apart. Constructive receipt rules: |.
US TaxConverting from C-Corp to S-Corp triggers the built-in gains (BIG) tax under IRC 1374 on appreciated assets sold within 5 years.
US TaxAn LLC can convert to a corporation through several methods, each with different tax consequences. LLC to corporation conversion methods: | Method | Legal.
US TaxConverting a single-member LLC to S-Corp taxation involves filing Form 2553 (Election by a Small Business Corporation) with the IRS.
US TaxConverting a sole prop to an S-Corp mid-year requires forming the entity, filing Form 2553, transferring assets.
US TaxConverting from a sole proprietorship to an S-Corp requires forming an LLC or corporation, then filing Form 2553 to elect S-Corp status.
US TaxA cost segregation study reclassifies building components from 39-year (commercial) or 27.5-year (residential) depreciation to 5, 7, or 15-year property.
US TaxA cost segregation study reclassifies building components from 39-year to 5, 7, or 15-year property, accelerating depreciation deductions.
US TaxA cost segregation study is an engineering-based analysis that identifies and reclassifies components of a commercial building from the standard 27.5-year.
US TaxA cost segregation study is an engineering-based analysis that reclassifies components of a building from 27.5-year (residential) or 39-year (commercial).
US TaxA cost segregation study reclassifies components of a commercial building from 39-year (or 27.5-year residential) depreciation to 5-year, 7-year.
US TaxA cost segregation study reclassifies building components from 39-year to 5, 7, or 15-year property, accelerating depreciation.
US TaxA 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.