Tag: Small Business

Entrepreneurs and others who work for themselves are often on the hook for significant federal self-employment (SE) tax, in addition to federal and state income taxes. Here are the answers to some common questions about Read More

Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it's important for you and the prospective partner to understand the potential federal tax implications. Important: Read More

After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic relief program. The tax Read More

Even at the best of times, the future is unpredictable. As anyone who has run a business for any length of time understands, there will often be challenges, many of which are unexpected — such Read More

Summer isn't just for barbecues and baseball. It's also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming Read More

If you rent out a second home — or part of your main residence — you may be unclear about whether you need to pay self-employment (SE) tax on your net rental income. In fact, Read More

The accounting method you currently use for your small business may no longer be appropriate due to changes in market conditions or within your company. The IRS generally allows taxpayers to change their method, but Read More

Do you have an idea for a new venture with social benefits or environmental applications? You can set up as a for-profit entity — such as a C corporation, S corporation or limited liability company Read More

The SECURE 2.0 Act, enacted at the end of 2022, expands on the retirement plan improvements made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). In general, SECURE Read More

The Employee Retention Credit (“ERC”) was originally enacted as part of the first wave of pandemic relief in March of 2020. Since then, it has been modified and expanded to make many small businesses eligible. Read More