With their smaller margins and limited resources, most small businesses will take any money-saving opportunity they can (lawfully) get. The Tax Cuts and Jobs Act (TCJA) introduced a number of provisions that reduced taxes for many small businesses. Some provisions are currently scheduled to expire at the end of 2025, but others are considered permanent […]
The Inventory Loophole: Using the Books and Records Method Read More »
The world of small business tax deductions looked very different before and after the Tax Cuts and Jobs Act (TCJA) of 2017. A number of the changes introduced through TCJA permanently shifted which businesses were eligible for which types of deductions. One important shift involved new rules around methods of accounting. TCJA widened eligibility for
The Inventory Loophole: Using the Cash Method of Accounting Toward Tax Savings, Part 2 Read More »
When you hear about the Tax Cuts and Jobs Act (TCJA), typically people are speculating about the future of the tax laws that expire this year. What we hear less about are the tax provisions that were made permanent—and that could be beneficial to your business. For instance, when you established your business, you selected
The Inventory Loophole: Using the NIMS Method Read More »
The Tax Cuts and Jobs Act (TCJA) brought about far-reaching changes in the world of tax law. Though recent conversations have fixated on the soon-to-expire tax provisions, TCJA also introduced permanent changes that tax professionals can lean on to bring tax savings to their clients. One significant benefit to small business owners was the introduction
The Inventory Loophole: Using the Cash Method of Accounting Toward Tax Savings, Part 1 Read More »
When you are starting a new business or attempting to reduce the tax bill for your existing business, how do you decide which entity type is right for you? Entrepreneurs these days tend to gravitate towards S corporations almost as a default, and certainly, this can be the right choice for certain businesses and comes
When it comes to choosing an entity type, many entrepreneurs are drawn to S corporations and may make an election without truly weighing the pros and cons of each option. Business owners may not think to ask their tax planner for advice on business structures, but offering your expertise early in the process can help
When to Recommend a Partnership Structure: The Tax Benefits of Special Allocations Read More »
Partnerships are a commonly misunderstood business structure. Because they are perceived as complicated—and sometimes they can be—many entrepreneurs shy away from this entity type and miss out on the many benefits they have to offer. What makes partnerships distinctive? Partnerships are pass-through entities, so they are not subject to corporate income tax. Instead, they pass
Why Structure Your Business as a Partnership? Exploring the Tax Benefits of Partnerships Read More »
Partnerships can either be the simplest or one of the most complicated entity types—depending on how each of the partners relates to the business and what role they play. New entrepreneurs may instinctively view them as too complicated, and even if tax professionals are familiar with the benefits, they may not feel well-versed enough to
When to Recommend a Partnership Structure: The Tax Benefits of Partnerships Read More »
When it comes to tax savings opportunities, when is something that sounds too good to be true actually too good to be true? Many taxpayers are unaware of perfectly legitimate options for lowering their tax bills. At the same time, tax schemes are becoming increasingly common, pushed forward by promoters willing to manipulate taxpayers for
How to Spot a Tax Scam: What We Can Learn From the Tribal Tax Credit Scheme Read More »
Every year seems to bring with it new tax scams and new challenges in educating our clients on how to tell the difference between a “fake” and a legitimate tax strategy. When your clients are the ones bringing a supposed tax savings opportunity to the table, you need to be prepared to explain why it
Tax Avoidance vs. Tax Evasion: Lessons from the Tribal Tax Credit Scheme Read More »
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