The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities,…
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns…
You are forming, or have formed, a company and have selected your entity type; Now – where are you doing business? What state will be your home state? Which other states will you need to get authority to do business in? If your home state is Delaware, you will benefit from the advantageous legal protections…
Welcome to our new blog series, “The Top 30 Things Start-ups & Small Businesses Need to Know.” We will begin with topic #1: “Entity Selection.” Entity selection is one of the most important decisions you will make for your business. There are many varying levels of formation from sole proprietor to corporation. Which one should…
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How does the new tax bill impact you and your business? While there are many details included in the new bill that will drive how you plan for your 2018 taxes, we will attempt to highlight some of the major changes: The bill does not affect 2017 taxes. According to the IRS, updated withholding guidance…
What do you have planned for 2018? Getting ready to start your own business, or just thinking about it? One of the most critical decisions you will make is choosing the type of entity for your business formation. When you choose to form as a C Corporation, S Corporation, Partnership or LLC, you set the…
Tax planning season is upon us. Have you reviewed your income and expenses this year to see if there are ways to minimize taxes? Even though uncertainty still exists regarding possible changes to the tax code, there are some considerations that could be beneficial no matter the end result of the legislation. All small businesses…
Is your bottom line not quite what you’d like it to be? Consider a plan to cut expenses. Begin by running a 5-year analysis on your expenses to determine which accounts have increased the most. Then dive into the details and see which vendors have increased prices at higher rates or percentages over the same…
Considering converting your C Corporation into an S Corporation? There are many tax advantages to converting from a C Corporation into an S Corporation under the current tax laws, but the conversion does not always make sense for every business. One of the primary motivations to make the conversion, is to avoid double taxation. Under…
