Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a qualified trade or business, qualified real estate investment trust, and/or qualified publicly traded partnership. Businesses must be domestic or located […]
Category: Small Business
What You Need To Know About An IRS Audit
First, make sure you really received an audit notification. The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email. If you do get an email saying you’ve been selected for an audit, it’s likely fraudulent. If you’ve determined that you’re definitely getting audited, your […]
Protecting Your Interests: Drafting A Strong Buy-Sell Agreement
You want to protect your company against disruptive, harmful, and nonproductive owners, which may include divorced spouses, competitors, and disgruntled former employees. You also believe that your estate requires protection. The parties—your partners and yourself—enter into a buy-sell agreement with aligned, or at least not sufficiently misaligned, interests, making discussion of the business and valuation […]
Freelancer vs Employee: What’s Best for Your Bottom Line?
Let’s say you decide to onboard a freelancer, also known as an independent contractor. What should your next tax- and finance-related moves be? Let’s find out! What to expect when you onboard a freelancer or an independent contractor When paying freelancers, you are not required to withhold any of the following from those payments: The […]
Beyond the 401(k): Affordable Retirement Plans for Small Businesses
With the fading of the defined benefit plan — the so-called traditional pension — companies have increasingly relied on 401(k) plans to fulfill their employees’ retirement needs. However, it can be difficult for a small company to set one up. Fortunately, there are other options out there. Below is a brief review of some of […]