Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations and, generally, limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income.
When is Employer-Paid Life Insurance Taxable?
If the fringe benefits of your job include employer-paid group term life insurance, a portion of the premiums for the coverage may be taxable. And that could result in undesirable income tax consequences for you.
Added Protection for Your Personal and Financial Information
Protection is critical when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year, and you’ll automatically be given a new one after expiration.
October 2024 Tax Due Dates
October 15 Individuals: File a 2023 income tax return (Form 1040 or Form 1040-SR) if an automatic six-month extension was filed (or if an automatic four-month extension was filed by a taxpayer living outside the United States and Puerto Rico). …
Businesses Should Stay Grounded When Using Cloud Computing
For a couple of decades or so now, companies have been urged to “get on the cloud” to avail themselves of copious data storage and a wide array of software. However, some businesses are learning the hard way that the seemingly sweet deals offered by cloud service providers can turn sour as hoped-for cost savings fail to materialize and dollars left on the table evaporate into thin air.
EAP Compliance Check: Is Your Company Staying Mindful?
Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse, and financial challenges that have become so widely recognized in modern society.
Craft Partnership & LLC Operating Agreements with Precision
Partnerships are often used for business and investment activities, and multi-member LLCs are treated as partnerships for tax purposes. These entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.
Business Owners Sometimes Need to Switch Successors
For many business owners, choosing a successor is the most challenging task related to succession planning. Owners of family-owned businesses, who may have multiple children or other relatives to consider, particularly tend to struggle with this tough choice.
Brand Audits Can Help Companies in a Variety of Ways
A strong brand can help boost revenue, while a weaker one may reduce sales opportunities and stifle growth.
Like many business owners, you’ve probably spent considerable time and energy crafting your company’s brand. Doing so has likely involved coming up with a memorable business name and logo, communicating with customers in a distinctive manner, and, above all, building a solid reputation in your market.
Why an LLC Is Perfect for Your Small to Medium Business
Choosing the right business entity is a crucial decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. A limited liability company (LLC) is an attractive choice for many businesses. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits.