Every year, I have a few S-corporation clients who complain that they have a tax liability on their personal return. Typically there’s also a comment made about how “other people” they’ve talked to have S-corps and “never pay anything in taxes.” This conversation happens several times a year, and oftentimes it’s the same conversation with […]
A common question from business owners is, how can a small business avoid the crush of taxes and regulations while still staying within the confines of the law?
From the Archives: Win a Home on TV, Find a Tax Collector in the Attic (the Tax Consequences of Winning a Home in a Giveaway, Part 1)
This post from January of 2012 is about the tax consequences of winning the HGTV “Dream Home” giveaway.
You should look at forming an S-corp when your net income from the business starts to approach the amount of a “reasonable salary” for the work you do.
Many of the business clients I work with are either side businesses, or side businesses that are turning into “real” businesses. I’ve written before about the struggle of taking a side business and turning it into something more. Today, I’m going to write about the choices a business owner has with their side business when […]
A common question from business owners is, how and when do I calculate quarterly estimated tax payments?
Starting a not-for-profit just to reduce your tax liability is a bad idea.
From the Archives: Take the Money and Run? The Tax Consequences of Winning a Home in a Giveaway, Part 2
What are the tax consequences of winning HGTV dream home? Lots of tax owed, for one thing.
What are the tax consequences of winning the HGTV Dream Home? This is Part 4 of a 6-part series that examines that question.
Why make estimated tax payments? An understanding of how the tax calculation works is a good starting point.