1,454 plain-English guides on us tax, each one ending in what to do next.
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Business insurance proceeds have different tax treatments depending on the type of policy and how the proceeds are used.
US TaxBusiness loan proceeds are not taxable income. Interest on business loans is deductible.
US TaxBusiness loan proceeds are NOT taxable income (you have to pay them back). Business loan interest is deductible as a business expense.
US TaxBusiness loan proceeds are NOT taxable income. Interest on business loans is deductible. Forgiven debt IS taxable income (with exceptions).
US TaxBusiness debt creates multiple tax implications that owners frequently misunderstand: loan proceeds are not income, loan repayments are not deductions.
US TaxPartnership taxation under Subchapter K of the Internal Revenue Code (IRC 701-777) is the most complex area of business tax law.
US TaxRelocating a business from one state to another creates a complex set of tax consequences that go beyond simply changing a mailing address.
US TaxTransferring a family business to the next generation involves complex tax, legal, and operational decisions that must be planned years in advance.
US TaxBusiness succession planning creates different tax consequences depending on whether the business is transferred to family members (gift or inheritance).
US TaxBuyers prefer asset purchases (step-up in basis, depreciation/amortization of purchase price). Sellers prefer stock sales (capital gains treatment).
US TaxClosing a business triggers final tax return filing, asset disposition, debt cancellation income, and employment tax obligations.
US TaxConverting a C-Corp to S-Corp triggers the built-in gains (BIG) tax: a corporate-level tax on appreciation that existed at conversion.
US TaxWhen a property owner converts a rental property to personal use or converts a personal residence to a rental property, the tax treatment of depreciation.
US TaxCrowdfunding has become a common way to raise capital for new businesses, but the tax treatment varies dramatically depending on the type of crowdfunding.
US TaxBusinesses that accept cryptocurrency as payment for goods or services must recognize ordinary income equal to the fair market value of the cryptocurrency.
US TaxWhen a lender forgives or cancels a debt, the borrower generally must report the cancelled amount as ordinary income (cancellation of debt income.
US TaxEmployee fringe benefits are one of the most tax-efficient ways for business owners to compensate themselves and their employees because many fringe.
US TaxThe Employee Retention Credit (ERC) under IRC 3134 was one of the largest business tax credits in US history. ERC eligibility requirements: | Test | 2020.
US TaxTips are taxable income to employees. Employers must collect and report tips on Form 8027 (for food/beverage establishments).
US TaxBefore the Tax Cuts and Jobs Act (TCJA), business owners could trade in equipment, vehicles. post-TCJA equipment trade-in treatment: | Factor | Pre-TCJA.
US TaxFranchising presents unique tax rules that differ from starting an independent business. Franchise cost tax treatment: | Cost | Tax Treatment | Deduction.
US TaxWhen a business is acquired, a significant portion of the purchase price is often allocated to goodwill and other intangible assets.
US TaxThe distinction between a hobby and a business determines whether losses from the activity can offset other income (W-2 wages, investment income.
US TaxJoint ventures between two or more businesses create different tax consequences depending on whether the arrangement is structured as a partnership.