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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Renting property to your own S-corp or C-corp is common, but the self-rental rules under IRC 469 can recharacterize the income as non-passive.
CFO & AdvisorySelling a small business triggers capital gains, depreciation recapture (ordinary income), and potentially the 3.8% net investment income tax.
CFO & AdvisorySelling a business triggers capital gains tax, depreciation recapture, and potentially ordinary income depending on the asset allocation. Stock sales vs.
CFO & AdvisorySelling business equipment triggers depreciation recapture under IRC 1245. Depreciation recapture rules (IRC 1245): The formula: - Sale price: what you.
CFO & AdvisoryWhen a homeowner sells a personal residence that was also used for business (home office), the gain exclusion under IRC 121 ($250,000 single.
CFO & AdvisorySelling a rental property triggers multiple layers of tax that many investors do not anticipate. Tax components when selling a rental property: |.
CFO & AdvisoryWhen a small business is sold, the tax treatment depends on whether it is structured as an asset sale or stock sale, how the purchase price is allocated.
Small Business & BookkeepingShort-term rentals (Airbnb, VRBO, and other vacation rental platforms) have tax rules that differ significantly from traditional long-term rentals.
Small Business & BookkeepingSchedule C filers are audited at 3-5x the rate of W-2 employees. Schedule C audit defense documentation system: Income documentation: - Separate business.
Small Business & BookkeepingConverting to S-Corp requires filing Form 2553 (due March 15 for calendar-year businesses). Conversion mechanics: Step 1: Ensure you have an LLC.
Small Business & BookkeepingAn LLC and a sole proprietorship are taxed identically for federal income tax purposes (both report on Schedule C). Compare LLC, S-Corp, and sole.
Tax PlanningA solo 401(k) allows self-employed individuals with no employees (other than a spouse) to contribute up to $70,000 per year (2025) as both employee.
Small Business & BookkeepingHiring a spouse as a W-2 employee unlocks health insurance deductions, doubles retirement contributions, and creates legitimate business deductions.
Tax PlanningHealth, law, accounting, consulting, financial services and other SSTBs lose the QBI deduction at higher incomes. For 2026 it phases out above $201,750 ($403,500 joint).
Small Business & BookkeepingAccounting for startup costs means sorting each pre-opening expense, splitting the $5,000 first-year deduction from the 180-month schedule, and reporting it on Form 4562.
Small Business & BookkeepingIRC 195 lets a new business deduct up to $5,000 of startup costs in its first year, cut dollar for dollar above $50,000, with the rest deducted over 180 months.
Small Business & BookkeepingCosts you pay before your business begins are startup costs, capped at a $5,000 first-year deduction. The same cost paid after opening is deducted in full that year.
Small Business & BookkeepingSeveral states impose franchise taxes on LLCs, S-Corps, and C-Corps regardless of profitability. Major state franchise tax regimes: California: - $800.
Small Business & BookkeepingNine states have no individual income tax. Moving a business to a no-income-tax state eliminates state income tax but does not eliminate federal tax.
Small Business & BookkeepingIf your business has employees, property, or significant sales in another state, you may owe income tax there. Covers economic nexus thresholds,.
Small Business & BookkeepingState nexus determines whether a business has sufficient connection to a state to be subject to that state's income tax, franchise tax, or sales tax.
Small Business & BookkeepingA remote employee or independent contractor in another state can create income tax nexus for the business. Before 2020. Covers economic nexus thresholds,.
Small Business & BookkeepingYou owe sales tax in another state if you have physical presence there or pass its own threshold, such as $100,000 in Florida or Pennsylvania and $500,000 in California or Texas.
Small Business & BookkeepingThe pass-through entity tax (PTET) is a state-level election that allows S-Corps, partnerships. The pass-through entity tax is the most widely adopted.