Business finance & business tax related topics by Roanoke accounting firm Fraim, Cawley & Company. Let us help your business prepare for this tax season.
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…
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…
Longtime readers will remember that I have a more favorable view on debt than most – the right types of debt that is. We’ve written about the dangers of excessive…
2020 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…
“Facts are stubborn things, but statistics are pliable.” ― Mark Twain I’m a big proponent of tracking key metrics in your business. (For those unfamiliar with the term, a metric is…
“They used to tell me I was building a dream With peace and glory ahead Why should I be standing in line Just waiting for bread? Once I built…