Tax

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can helpRead More »Closing a business involves a number of tax responsibilities 

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuableRead More »If your business has co-owners, you probably need a buy-sell agreement 

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property youRead More »Be aware of the tax consequences of selling business property

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge anRead More »Consider borrowing from your corporation but structure the deal carefully

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that applyRead More »2024 Q3 tax calendar: Key deadlines for businesses and other employers

With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. BenefitsRead More »Hiring your child to work at your business this summer

The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than otherRead More »Inflation enhances the 2025 amounts for Health Savings Accounts

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debtRead More »The tax advantages of including debt in a C corporation capital structure

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner willRead More »Growing your business with a new partner: Here are some tax considerations

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in serviceRead More »When partners pay expenses related to the business

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? OneRead More »When businesses may want to take a contrary approach with income and deductions

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and setRead More »Emil @ ZCPA wrote – Don’t have a tax-favored retirement plan? Set one up now