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.
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Small businesses that accept cryptocurrency as payment must report the fair market value as income. Crypto mining is self-employment income.
Tax PlanningTrader or investor? Your trading tax bill depends on how the IRS classifies you, and whether you made a Section 475(f) mark-to-market election on time and in the right way.
Small Business & BookkeepingSettled a business loan or credit card for less than you owe? The forgiven amount is usually taxable unless you were insolvent right before the cancellation or in bankruptcy.
Small Business & BookkeepingBusiness-related education is deductible if it maintains or improves skills in the current business. Education deduction rules (Treas.
Small Business & BookkeepingForming a corporation or partnership? Its organizational costs get their own $5,000 first-year deduction under IRC 248 or 709, on top of the IRC 195 startup cost deduction.
Small Business & BookkeepingA defined benefit plan allows a business owner to contribute (and deduct) far more than any other retirement plan. Defined benefit plan contribution.
Small Business & BookkeepingThe Modified Accelerated Cost Recovery System (MACRS) under IRC 168 is the primary depreciation system for most business property placed in service.
Small Business & BookkeepingWhen Section 179 and bonus depreciation don't fully apply, MACRS (Modified Accelerated Cost Recovery System) determines how business assets.
Small Business & BookkeepingBusinesses can depreciate assets using MACRS (accelerated), Section 179 (immediate), bonus depreciation (100% per OBBBA), or straight-line.
Small Business & BookkeepingDepreciation is how businesses deduct the cost of long-lived assets (equipment, vehicles, machinery, furniture, computers) over time.
Small Business & BookkeepingSection 179 lets you deduct equipment costs in year one. How it stacks with bonus depreciation and MACRS, and which method saves the most tax.
Small Business & BookkeepingMACRS, straight-line, ADS, Section 179, and bonus depreciation each apply to different assets and situations. How to pick the right method.
Small Business & BookkeepingDepreciation recapture is the tax you pay when you sell a business asset for more than its depreciated (adjusted) basis.
Small Business & BookkeepingWhen you sell a business asset for more than its depreciated value, the IRS recaptures the depreciation deductions you took.
Small Business & BookkeepingSelling depreciated business assets triggers depreciation recapture under IRC Sections 1245 (equipment) and 1250 (real property).
Tax PlanningThe Disabled Access Credit under IRC 44 provides small businesses (30 or fewer full-time employees OR $1 million or less in gross receipts) a tax credit.
Small Business & BookkeepingBusinesses in federally declared disaster areas can deduct casualty losses, claim the loss on the prior year's return for a faster refund.
CFO & AdvisoryIRC 108 excludes canceled debt from income in bankruptcy, up to your insolvency, and for qualified farm and real property business debt. You give up tax attributes in return.
CFO & AdvisoryClosing a business means a final return with the 'final return' box checked, final payroll filings, disposing of assets, and cancelling the EIN.
CFO & AdvisoryDivorce creates tax consequences for business owners including property division, valuation disputes, alimony treatment.
CFO & AdvisoryDivorce involving a business creates tax issues at every stage: property division under IRC 1041, alimony changes from TCJA, and business valuation.
Tax PlanningA domestic asset protection trust (DAPT) is an irrevocable trust established under the laws of a state that permits the grantor to be a discretionary.
Tax PlanningUS manufacturers benefit from several overlapping tax incentives: 100% bonus depreciation on equipment and machinery (permanently restored under OBBBA).
Tax PlanningThe original Section 199 Domestic Production Activities Deduction (DPAD) allowed a 9% deduction on qualified production activities income (QPAI).