For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations. Well, the question still stands. And if you’re considering operating [...]
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as [...]
Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. The good news is that [...]
If you’re self-employed and you or your employees use a vehicle to conduct business, it’s important to know the latest tax rules. First, business-related vehicle expenses can generally be deducted using either the: Mileage-rate method (54 cents per mile driven in 2016), or Actual-cost method (total out-of-pocket expenses for fuel, insurance, repairs and other vehicle [...]
If you’re a shareholder-employee of an S corporation, you more than likely considered the tax advantages of this entity choice. But those very same tax advantages also tend to draw IRS scrutiny. And the agency has made clear that its interest in S corporations – including possible audits – will continue. WHAT’S THE PROBLEM The [...]
Many business owners launch their companies from the front lines – as an employee. And it’s not uncommon for owners to stay in that role, working with their staff members to grow the business and guide its strategic direction. Come tax time, however, owner-employees face a variety of distinctive tax planning challenges. PARTNERSHIPS AND [...]