Many taxpayers conduct activities related to a personal passion, such as raising animals, painting, cooking, or woodworking that can generate large losses. How these losses are deducted has always been dependent on properly classifying the activity as either a hobby or a business. The Tax Cuts and Jobs Act of 2017 (TCJA) has made additional
Starting in 2016, the IRS implemented new filing requirements for most information returns, including Forms 1098, 1099, and W-2/W-3. They also increased penalties related to these forms and made penalties subject to inflationary adjustments. Penalties are based on the filing date of correct information and date that forms are furnished to the payee. Businesses can
Small business owners typically spend more than two weeks each year getting documents together so they can file their tax returns. Preparing now can help avoid stress later and could save you lots of money! Although there are many more exciting options this time of year, filing accurate tax returns is non-negotiable. If you own
The form of business entity you choose will have legal and tax implications and affect your ability to grow, obtain outside investment, or even sell the business down the road. Entity selection will affect your personal liability, level of accounting and record keeping required and whether you take payroll or are subject to self-employment taxes.
C Corporation Tax Rate Under TCJA, the tax rate for C corporations is reduced from 35% to 21% and AMT has been eliminated. This change has led some small business owners to wonder if they should become a C Corporation. In most cases, the answer is no, because C Corporations are still subject to double
If you’ve been following the latest updates on the Trump tax plan, you may be wondering what the new rules set forth by Congress as part of the Tax Cuts & Jobs Act, or TCJA, will mean for you when you file your 2018 taxes. The truth is, the major tax reform passed by Congress