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Solo 401(k) allows $23,500 employee deferral plus up to $46,500 employer contribution ($70,000 total for 2025). SEP-IRA allows 25% of compensation.
US TaxThe Solo 401(k) allows the highest contributions for most self-employed business owners ($23,500 employee + 25% employer = up to $70,000 total in 2025).
US TaxSolo 401(k) allows the highest contribution ($23,500 employee + 25% employer, up to $70,000 combined for 2025).
US TaxSmall businesses with employees have different retirement plan considerations than solo operators.
US TaxThe 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).
US TaxSmall 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.
US TaxSmall businesses with under $5 million in gross receipts can use the R&D credit to offset payroll tax (up to $500,000/year).
US TaxA Rollover for Business Startups (ROBS) is a strategy that allows an entrepreneur to use funds from an existing retirement account (401(k), IRA.
US TaxBusiness owners can manage their income through salary, distributions, and deductions to optimize Roth conversions.
US TaxS-Corp eligibility requirements (IRC 1361): | Requirement | Details | |------------|---------| | Domestic corporation | Must be organized in the U.S.
US TaxAn S-Corp election (Form 2553) must be filed by March 15 of the tax year to be effective for that year (or within 2 months and 15 days of formation for.
US TaxThe S-Corp late filing penalty is $235 per shareholder per month (up to 12 months). For a single-owner S-Corp filing 3 months late, that is $705.
US TaxSetting reasonable compensation for an S-Corp owner-employee is the most important and most frequently litigated tax planning decision for S-Corporation.
US TaxEvery S-Corp shareholder must track two separate accounts that determine the tax treatment of distributions and the deductibility of losses.
US TaxS-Corp shareholder basis is the single most misunderstood concept in small business taxation.
US TaxAfter South Dakota v. Wayfair (2018), businesses can have sales tax nexus in states where they have no physical presence.
US TaxAfter South Dakota v. Wayfair (2018), states can require sales tax collection from remote sellers who meet economic nexus thresholds (typically $100,000.
US TaxThe 2018 Supreme Court decision in South Dakota v. Wayfair (585 U.S. Economic nexus thresholds (most common): | Threshold Type | States Using It |.
US TaxAfter the Wayfair decision (2018), states can require sales tax collection from remote sellers with economic nexus (typically $100,000 in sales or 200.
US TaxMost states exempt services from sales tax, but a growing number tax specific service categories. States that broadly tax services (most services taxable).
US TaxAn accountable plan allows an S-Corp to reimburse the owner-employee for business expenses tax-free.
US TaxS-Corp shareholders must track their stock and debt basis to determine the deductibility of losses, the tax treatment of distributions.
US TaxS-Corp shareholders must track their stock basis and debt basis separately. Distributions exceeding basis are taxable as capital gains.
US TaxMissed the March 15 deadline for S-Corp election? Rev. Proc. 2013-30 allows late filing if (1) the entity intended to be an S-Corp.