by Susan Balcomb | Nov 14, 2017 | Tax Planning
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax...
by Susan Balcomb | Nov 10, 2017 | Tax Planning
It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to...
by Susan Balcomb | Feb 10, 2017 | Exit Strategies
There are many factors to look at these days when making solid business decisions. The baby boomer business owners are reaching retirement age and who will be their successors? The Pew Research Center indicates that the oldest of America's baby boomer generation...
by Susan Balcomb | Dec 2, 2016 | Tax Planning
S Corporation or Limited Liability Company (LLC) losses The amount of losses from an S corporation or an LLC you can deduct is limited to your basis (your capital adjusted for earnings, drawls, etc.) in each entity. Tax Tip: The above mentioned losses are...
by Susan Balcomb | Oct 15, 2016 | Tax Planning
Foreign Gifts and Inheritances, IRS Form 3520 If you received gifts or inheritances in excess of $100,000 during 2016; make sure to report it on the form 3520 “Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts” to the IRS....
Recent Comments