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 […]
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 »
Many entrepreneurs shy away from choosing a partnership as their entity type. A partnership is simply a formal agreement between two or more parties to manage a business together and share the profits. From a tax perspective, partnerships are often viewed as too complicated and can come with tax disadvantages when you have non-passive partners
Making the Most of Business Partnerships: How to Use Special Tax Allocations Read More »
Calculating adjusted tax basis in a partnership or LLC takes us into a complex area of tax law. Remember that the tax basis is equal to the purchase price of an asset minus any accumulated depreciation. This formula sounds simple enough, but a business’s entity type can introduce unique complications in determining the initial value
John Elway. Brett Favre. Peyton Manning. Tom Brady. Even if you’ve never watched a game of football in your life, you’ve probably heard at least one of those names (after all, who hasn’t seen one of Peyton’s commercials?) These are 4 of the best quarterbacks to play the game, ever. But what makes them great
Becoming Your CPAs Best Quarterback Read More »
Which type of entity is right for you? There are four types of entities and the one you choose can either work for you or against you. Let’s take a good look at some of the more important pros and cons associated with each entity type. 1) Sole Proprietorship This is the most common business
How to Choose the Right Entity Read More »
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