General business related topics including strategy, marketing and of course, finance. Fraim, Cawley & Company, CPAs provides business advisory services along with a full array of accountant services to the Roanoke area.
TL;DR: Registering your business in a no-income-tax state (like Wyoming or Nevada) does not mean you avoid state income tax. If you're a resident of a taxed state - or…
TL;DR: S-Corp owners must pay themselves a “reasonable salary” for the services they perform. Underpaying can trigger audits and penalties, while overpaying wastes payroll tax and reduces QBI and PTET…
TL;DR: Licensing agreements between your S-Corp and C-Corp may seem like a smart way to shift income - but if the structure lacks economic substance or proper documentation, the IRS…
TL;DR: A C-Corp can sometimes reduce taxes - but usually only when paired with an S-Corp and used to defer distributions for years. This strategy only works for high earners…
TL;DR: The 21% C-Corp tax rate isn’t the slam dunk some advisors suggest. When you factor in double taxation, loss of QBI and PTET benefits, and the reality of your…
These are the questions I get asked more than anything else in my CPA firm: “What are some deductions that people miss?” “What deductions can I take for my small…
“How much you want to make a bet I can throw a football over them mountains? Yeah. If coach would've put me in fourth quarter...we'd have been state champions, no…
“He was able to turn out thousands of paintings over his lifetime while his contemporaries were lucky to turn out a hundred” – Mike Michalowicz discussing Sir Peter Lely A…
“Your pain is the breaking of the shell that encloses your understanding. […] Much of your pain is self-chosen. It is the bitter potion by which the physician within you…
2021 and all of its tax deadlines are upon us! Below is a quick guide of the most important dates to keep in mind this calendar year. January 15th: due…