743 plain-English guides on us tax, each one ending in what to do next.
Page 30 of 31, newest first.
Law firms have deductions other businesses do not: malpractice insurance, bar dues, CLE, and legal research subscriptions.
US TaxSeparate LLCs isolate liability, not tax. The reason for multiple LLCs is liability isolation, not tax benefit. Compare LLC, S-Corp, and sole.
US TaxFor any gift of $250 or more the donor's deduction depends on your letter: the amount, whether goods or services were provided, their value.
US TaxTax-exempt organizations under IRC 501(c) were eligible for the Employee Retention Credit (ERC) on the same basis as for-profit employers.
US TaxForm 990 requires disclosure of compensation for officers, directors, key employees, and the five highest-paid employees and independent contractors.
US TaxA project without its own 501(c)(3) can take tax-deductible gifts through a fiscal sponsor that controls the money. Covers key rules, filing requirements,.
US TaxEvery exempt organization files a version of Form 990 unless it's a church, and three missed years end the exemption automatically.
US TaxForm 990 asks if your nonprofit has conflict of interest, whistleblower, and document retention policies. None is required; lacking all three is a red flag.
US TaxA grant restricted to youth literacy can't pay the rent, and the accounting has to prove it didn't. Under the FASB standard for nonprofits (ASC 958).
US TaxThere is a specific order of operations for launching a nonprofit, and most founders get at least one step wrong. Covers key rules, filing requirements,.
US TaxA nonprofit owes 21% on net income from a regular business unrelated to its purpose, after a $1,000 deduction, and files Form 990-T at $1,000 of gross income.
US TaxReal Estate Professional Status (REPS) removes the per-se passive classification that IRC 469(c)(2) applies to all rental activities.
US TaxA wholesale assignment fee is ordinary income, not a capital gain. The dealer classification triggers self-employment tax and blocks 1031 exchanges.
US TaxFood cost and prime cost determine whether a restaurant makes money. A restaurant that does not know its food cost percentage weekly is flying blind.
US TaxMost restaurants that close are profitable on paper but run out of cash. Here is how to build a weekly cash flow forecast and manage seasonal swings.
US TaxMost restaurants start as an LLC. When net income exceeds $60,000-$80,000, an S-corp election can save self-employment tax.
US TaxRestaurants waste 4-10% of purchased food before it reaches a plate. Here is how to track inventory, account for waste, and deduct spoilage losses.
US TaxThe lease is a restaurant's largest fixed cost after labor. The base rent is the number that appears in the listing. Covers industry-specific deductions,.
US TaxHow the tip credit, tipped minimum wage, and overtime rules work for restaurant payroll, with common mistakes and state-by-state differences.
US TaxRestaurant meals and catered food are taxable as prepared food in nearly every state with a sales tax. How states treat delivery fees, service charges, tips and alcohol.
US TaxWhich restaurant pre-opening costs are deductible immediately, which must be amortized over 180 months under IRC 195, and which are capital expenditures.
US TaxRestaurants with 10 or more tipped employees must file Form 8027. If reported tips fall below 8% of gross receipts, the IRS requires tip allocation.
US TaxTraditional rentals go on Schedule E. The default for rental real estate income is Schedule E, where it is not subject to self-employment tax.
US TaxA self-directed IRA can buy real estate, but if the IRA uses a mortgage (non-recourse debt) to fund the purchase. Covers key rules, filing requirements,.