by Susan Balcomb | Oct 5, 2018 | Tax Planning
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs...
by Susan Balcomb | Sep 28, 2018 | Tax Planning
If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the...
by Susan Balcomb | Sep 25, 2018 | Tax Planning
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in...
by Susan Balcomb | Sep 20, 2018 | Tax Planning
If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for a creative...
by Susan Balcomb | Sep 17, 2018 | 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?...
by Susan Balcomb | Sep 14, 2018 | Tax Planning
Planning your estate and wondering how the proposed law will affect it? The Tax Cuts and Jobs Act would increase the base exclusion amount to $10 million for 2018 (indexed for inflation). It would repeal the estate and generation-skipping transfer taxes for estates of...
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