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More than 30 states now offer a pass-through entity (PTE) tax election that allows S-Corps and partnerships to deduct state income taxes at the entity.
US TaxThe TCJA capped the state and local tax (SALT) deduction at $10,000 ($5,000 married filing separately) for individual filers.
US TaxWhere a business is incorporated and where it operates can have a dramatic impact on its total state tax burden. State income tax rates (2025, selected.
US TaxState income taxes can add 3-13% to a business owner's effective tax rate. State income tax rates (selected, 2025): | State | Top Individual Rate |.
US TaxA well-planned business exit can save hundreds of thousands in taxes. stock sale comparison: | Factor | Asset Sale | Stock/Interest Sale |.
US TaxExit planning is a multi-year tax strategy, not a transaction. The way a business is sold (asset sale vs.
US TaxTransferring a business to family, partners, or employees triggers gift tax, estate tax, capital gains, or income tax depending on the method.
US TaxTransferring a business to a family member, partner, or buyer has significant tax consequences.
US TaxTransferring a business to the next generation or to key employees involves significant tax planning.
US TaxTransferring a business to family members or partners triggers gift tax, estate tax, and capital gains considerations.
US TaxThe IRS audits approximately 0.4% of individual returns and 0.7% of small business returns annually.
US TaxBusiness bankruptcy has significant tax consequences. Debt discharged in bankruptcy is generally excluded from income (IRC 108(a)(1)(A)).
US TaxOne of the most powerful provisions in the tax code is IRC 1014. How stepped-up basis works: | Concept | Rule | |---------|------| | General rule |.
US TaxBusiness owners can claim the clean vehicle credit (up to $7,500 for new EVs, $4,000 for used), plus Section 179 or bonus depreciation on the vehicle.
US TaxAn HSA offers the only triple tax advantage in the tax code: contributions are tax-deductible, growth is tax-free. 2025 HSA contribution limits: | Coverage.
US TaxHiring family members provides significant tax benefits. Children under 18 employed by a parent's sole proprietorship are exempt from FICA (IRC.
US TaxUnderstanding marginal vs. effective tax rates prevents business owners from making bad decisions to 'stay in a lower bracket.' The 2025 federal brackets.
US TaxSmall 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.
US TaxA 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.
US TaxA complete calendar of federal tax deadlines for small businesses: estimated tax payments, payroll deposits, Form 941, W-2/1099 filing, S-Corp returns.
US TaxA complete calendar of federal tax filing deadlines for small businesses in 2025, including quarterly estimated taxes, payroll deposits, Form 941.
US TaxFranchise businesses have unique tax considerations that differ from independent businesses, starting with the treatment of the initial franchise fee.
US TaxTax credits reduce your tax dollar-for-dollar, not just your taxable income.
US TaxBusinesses can claim tax credits of $2,400-$9,600 per eligible hire under the Work Opportunity Tax Credit (WOTC).