2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
Page 21 of 89, newest first.
When a C-Corporation elects S-Corporation status, the Built-In Gains (BIG) tax under IRC 1374 imposes a corporate-level tax on any appreciation.
Small Business & BookkeepingBusiness bad debts are deductible as ordinary losses under IRC 166. Cash-basis taxpayers can only deduct bad debts they previously included in income.
Small Business & BookkeepingA separate business bank account simplifies bookkeeping, strengthens audit defense, protects LLC liability shielding, and makes tax preparation faster.
CFO & AdvisoryCanceled business debt is generally taxable income under IRC 61(a)(12), but the insolvency exclusion under IRC 108 can eliminate the tax.
Tax PlanningBusiness credit card interest is deductible if the card is used exclusively for business. Business credit card tax rules: Interest deductibility: - Credit.
Small Business & BookkeepingBusiness credit card tax rules: 1. The purchase is the deduction, not the payment: For cash-basis taxpayers, the expense.
Small Business & BookkeepingBusiness credit card expenses are deductible when charged for legitimate business purposes. Business credit card tax rules.
Small Business & BookkeepingSeparating business and personal finances protects your deductions and limits IRS audit exposure. How commingling creates problems for businesses.
Small Business & BookkeepingDocumentation that supports each of the 9 factors: 1. Manner of conducting the activity: - Separate business bank account.
Small Business & BookkeepingAll ordinary and necessary business insurance premiums are deductible. Business insurance premiums are deductible as ordinary and necessary business.
Small Business & BookkeepingBusiness insurance proceeds are taxable to the extent they exceed the adjusted basis of the property destroyed or damaged.
Small Business & BookkeepingGeneral liability, professional liability, commercial auto, workers' comp, and business property insurance are deductible business expenses.
Small Business & BookkeepingAll ordinary and necessary business insurance premiums are deductible under IRC 162. Deductible business insurance premiums: Always deductible.
Small Business & BookkeepingBusiness meals are 50% deductible if the meal has a clear business purpose and is properly documented. What is 50% deductible: - Meals with clients.
Small Business & BookkeepingThe 50% business meals deduction requires contemporaneous documentation of 5 elements: amount, date, place, business purpose, and business relationship.
Small Business & BookkeepingRelocating a business triggers multiple tax considerations: moving expenses are generally deductible as ordinary business expenses under IRC 162 (though.
Small Business & BookkeepingTax changes after marriage for business owners: 1. Filing status: MFJ nearly always produces a lower total tax than MFS.
CFO & AdvisoryA buy-sell agreement controls what happens to a business interest when an owner dies, becomes disabled, retires, or wants to sell.
CFO & AdvisorySelling, gifting, or transferring a business triggers capital gains, gift tax, and installment sale rules. How each exit strategy gets taxed.
CFO & AdvisoryBusiness succession planning involves transferring ownership to family, partners, or a third-party buyer while minimizing estate, gift, and income taxes.
CFO & AdvisoryBusiness succession planning is the process of structuring the transfer of business ownership in the most tax-efficient manner possible.
CFO & AdvisoryBusiness succession planning involves transferring ownership while minimizing transfer taxes (gift tax, estate tax, capital gains tax).
Tax PlanningTax credits are more valuable than deductions because they reduce tax dollar-for-dollar rather than just reducing taxable income.
Small Business & BookkeepingBusiness travel is deductible when the taxpayer travels away from their tax home overnight for business purposes. Includes IRS rules, documentation.