by Susan Balcomb | Nov 15, 2017 | Tax Planning
If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the...
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 | 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....
by Susan Balcomb | Sep 15, 2016 | Tax Planning
Defer/Accelerate Income Most small businesses utilize cash basis of accounting for their taxes, may defer their current billing and collection efforts to future year, if they believe to have less income or predict the tax rates will be lower next year, and...
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