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The advantages of using an LLC for your small business

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).

Starting a business? How expenses will be treated on your tax return

Launching a business? Here’s how start-up expenses are handled on a federal tax return.

Happy 4th of July

We wish you a safe and festive 4th of July holiday with your family and friends.

What’s in the Fiscal Responsibility Act?

With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.

Why some small businesses are switching to tax-basis reporting

Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider.

Advantages and disadvantages of claiming big first-year real estate depreciation deductions

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.

Reduce the impact of the 3.8% net investment income tax

In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it.

Benefits of a living trust for your estate

You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done?

FASB votes to exempt private companies from disaggregation of income statement project

As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures.

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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