One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation. Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]
Do you know the current value of your business? Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]
If you frequently sell multiple inventory items grouped together, you need to learn about QuickBooks’ assemblies. Let’s say you run a home improvement retail outlet, and one of the things you sell is doors. You might sell their parts—door frames, hinges, doorknobs, etc.—individually, in case a customer needs to replace a piece. You may also [...]
July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. The second quarter Form 941 (“Employer’s [...]
While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%. The capital gains rates now have their own statutory bracket amounts, but the 0% rate generally applies to taxpayers in the bottom two ordinary-income tax brackets [...]
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations were taxed at rates as high as 35%. Meanwhile, the TCJA also reduced individual income tax rates, which apply to sole proprietorships and owners of pass-through entities, including partnerships, [...]