Certain gifts made during the course of the year can be deducted from your business’s taxable income. Of course, the IRS provides several limitations and exceptions, such as a $25 maximum per recipient and exclusion of gifts which are branded with the giver’s name or logo.
A like-kind exchange (also referred to as a 1031 exchange or Starker exchange) can help lower your current tax bill by deferring the tax due on the sale of your property.
The Agricultural Tax Exemption is a property tax exemption that landowners may receive, if they can show that their land is being put to agricultural use. Different states define “agricultural use” in different ways. For example, Florida requires agricultural use to be bona fide. Fl. Stat. § 193.461. “Bona fide agricultural purpose” is defined as a “good faith commercial agricultural use of the land.” Fla. Stat. § 193.461(1)(b) (2009). Some states require the agricultural use to be for commercial purposes, and for some profits to be gained from the land.
E-commerce has created several tax-related issues for corporations conducting business across states without a physical footprint. This blog will discuss the sales tax implications for online businesses.
What is a Federal Tax Lien? A federal tax lien is the government’s legal claim against your property when you
Today, many businesses are forming as a Limited Liability Company (LLC) and are finding that an LLC offers the “best of both worlds” of corporate forms.
On September 28, 2018, the IRS officially terminated the Offshore Voluntary Disclosure Program (“OVDP”). The OVDP has been in existence
The first and second post of this series on QBI deductions analyzed the purpose of the deduction and how it applies specifically to taxpayers below the lower threshold or above the higher threshold. This post addresses taxpayers that fall between the two thresholds.
The first post in this series on QBI deductions examined the purpose of the deduction, who can claim it, and how to calculate QBI deductions for taxpayers in a lower threshold. This post specifically addresses taxpayers with a taxable income above the higher threshold of $207,500, for individuals, or $415,000, for joint filers.
A new and important provision in the Tax Cut and Jobs Act (TCJA), enacted in December of 2017, is Section 199A, which allows deductions for qualified business income (QBI). This post is part one of a three-part series and addresses what QBI is, who may claim QBI deductions, how they may claim such deductions, and how to calculate the deduction for taxpayers below the lower threshold.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
