by Brian Hare, CPA, CGMA | Apr 7, 2024 | Uncategorized
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the...
by Brian Hare, CPA, CGMA | Mar 20, 2024 | Business, Tax, Uncategorized
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses....
by Brian Hare, CPA, CGMA | Mar 14, 2024 | Uncategorized
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big...
by Brian Hare, CPA, CGMA | Feb 28, 2024 | Blog, Business, Tax
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and...
by Brian Hare, CPA, CGMA | Jan 17, 2024 | Business, Tax, Uncategorized
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are...
