Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?
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. Continue Reading Understanding taxes on real estate gains
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. Continue Reading Cash or accrual accounting: What’s best for tax purposes?
Here are three practical tips to manage your company’s working capital more efficiently. Continue Reading Take charge of working capital management
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. Continue Reading Do you owe estimated taxes? If so, when is the next one due?
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. Continue Reading If your business has co-owners, you probably need a buy-sell agreement
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. Continue Reading Consider borrowing from your corporation but structure the deal carefully
Now is the time to get up to speed on 2024 SECURE 2.0 changes. Here are several to consider. Continue Reading SECURE 2.0: Which provisions went into effect in 2024?
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. Continue Reading Why audited financials matter
An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for computing payments for corporations. Continue Reading Figuring corporate estimated tax
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Are you liable for two additional taxes on your income?
/in Tax/by KKB CPAsHigher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?
Understanding taxes on real estate gains
/in Tax/by KKB CPAsIf 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. Continue Reading Understanding taxes on real estate gains
Cash or accrual accounting: What’s best for tax purposes?
/in Tax/by KKB CPAsChoosing 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. Continue Reading Cash or accrual accounting: What’s best for tax purposes?