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Understanding taxes on real estate gains

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues.

Cash or accrual accounting: What’s best for tax purposes?

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods.

Take charge of working capital management

Here are three practical tips to manage your company’s working capital more efficiently.

Do you owe estimated taxes? If so, when is the next one due?

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

If your business has co-owners, you probably need a buy-sell agreement

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

Consider borrowing from your corporation but structure the deal carefully

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

SECURE 2.0: Which provisions went into effect in 2024?

Now is the time to get up to speed on 2024 SECURE 2.0 changes. Here are several to consider.

Why audited financials matter

An external audit requires an investment of time and money. But the payoff can be significant when it comes to the long-term success of your business.

Figuring corporate estimated tax

An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for computing payments for corporations.

Insights

Advantages of keeping your business separate from its real estate

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It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate

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Cutoffs: When to report revenue and expenses

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Does your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses

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Help ensure your partnership or LLC complies with tax law

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Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law

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