Tax-Favored Retirement Plan Options for Your Organization
When you hear “retirement plan”, many of us think immediately of 401(k) plans, and rightfully so. Since their establishment in the late 1970s, 401(k)s have been offered by companies of…
Tax Deductions Available When Starting a New Business
The uncertainty of the past couple of years have caused many people to rethink their job situation. Some people have decided to quit working for someone else and have launched…
The Ins and Outs of Owning a Corporate Airplane
If you travel a lot for business and have been considering the purchase of your own aircraft, you’ll want to be aware of the basic tax rules: In most cases,…
Tax Breaks Small Businesses Should Consider
It may seem premature, but it’s never too early to start tax planning for small businesses. Here are three tax breaks to consider. 1. Claim bonus depreciation or a Section…
Theft Loss Claims when Dealing with Embezzlement
In the case of embezzlement, what options does a business owner have in recuperating some of the losses? A business may be able to claim a federal income tax deduction…
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new…
Recent California Legislation Provides Tax Relief to Pass-Through Entities
On July 16, 2021, Governor Newsom signed California Assembly Bill 150. This bill contains a number of tax relief measures for small businesses suffering economic hardship due to the pandemic.…
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer…
Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports…
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty”…