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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S-Corp shareholders must track their stock basis and debt basis separately. Distributions exceeding basis are taxable as capital gains.
Small Business & BookkeepingMissed 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.
Small Business & BookkeepingS-Corp payroll requirements: 1. Obtain an EIN from the IRS (if the S-Corp does not already have one) using Form SS-4 2. Obtai.
Small Business & BookkeepingHow the IRS determines reasonable compensation: The IRS uses the factors from *Revenue Ruling 1974-44* and the *Watson v. Commissioner* line of cases: 1.
Small Business & BookkeepingThe IRS requires S-Corp shareholder-employees to pay themselves a reasonable salary before taking distributions. Compare LLC, S-Corp, and sole.
Tax PlanningSeasonal businesses face unique tax challenges because income is concentrated in a few months while many expenses occur year-round.
Small Business & BookkeepingA Section 1031 exchange allows a business owner to sell real property and defer all capital gains tax by reinvesting the proceeds into replacement.
Small Business & BookkeepingIRC Section 1202 allows founders to exclude up to $10 million (or 10x basis) in capital gains from the sale of Qualified Small Business Stock held for 5+.
Small Business & BookkeepingIRC 1202 lets founders exclude up to 100% of capital gains on qualifying small business stock held for five years. The exclusion can reach $10M or 10x.
Small Business & BookkeepingSection 1244 of the Internal Revenue Code allows founders and original investors in small businesses to deduct stock losses as ordinary losses (up.
Small Business & BookkeepingIRC Section 1244 allows founders to deduct up to $50,000 ($100,000 MFJ) of losses on qualifying small business stock as ordinary losses instead of capital.
Small Business & BookkeepingSection 1244 of the IRC allows individual shareholders of qualifying small business corporations to treat losses on the sale or worthlessness.
Small Business & BookkeepingSection 179 and 100% bonus depreciation let small businesses deduct the full cost of equipment and vehicles in year one, but Section 179 can't create a loss.
Small Business & BookkeepingSection 179D of the Internal Revenue Code provides a deduction for energy-efficient improvements to commercial buildings.
Tax PlanningThe Section 199A qualified business income (QBI) deduction allows pass-through business owners to deduct up to 20% of qualified business income.
Tax PlanningThe qualified business income deduction under IRC 199A provides a 20% deduction on pass-through business income. QBI deduction framework: Below the income.
Small Business & BookkeepingAbove the income threshold ($191,950 single / $383,900 MFJ), the Section 199A QBI deduction for non-SSTB businesses is limited to the greater of 50%.
Small Business & BookkeepingIRC 409A governs nonqualified deferred compensation arrangements. Violations trigger a 20% penalty tax plus interest on the deferred amount.
Small Business & BookkeepingIRC 409A governs all nonqualified deferred compensation arrangements and imposes severe penalties for noncompliance. Covers key rules, filing.
Tax Planning529 plan basics for business owners: 1. Federal tax treatment. Contributions are NOT deductible for federal income tax purposes. Growth is tax-free.
Tax PlanningSelf-employed individuals can deduct 100% of health insurance premiums (medical, dental, vision) for themselves, their spouse, and dependents.
Small Business & BookkeepingSelf-employed individuals must pay estimated taxes quarterly: April 15, June 15, September 15, and January 15. 2025 estimated tax payment calendar: |.
Small Business & BookkeepingSelf-employment tax calculation: The formula: 1. Start with Schedule C net profit (or K-1 self-employment income) 2. Start.
Small Business & BookkeepingSelf-employment tax is 15.3% on the first $168,600 of net earnings (2024), then 2.9% above that. The S-Corp election is the primary reduction strategy.