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: Many seemingly business-related expenses - like suits, cosmetic work, childcare, or pet expenses - are considered personal by the IRS. This article walks through what can (and can’t) be…
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…
TL;DR: Key provisions of the Tax Cuts and Jobs Act are set to expire after 2025 - if not extended by Congress. This includes the 20% QBI deduction for pass-through…
2025 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…
2024 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 16th: due…
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…