Tag Archives: small business

Tax Court Ruling on Activity Qualified As Business, Not Hobby

Tax Court Ruling on Activity Qualified As Business, Not Hobby In TC Memo 2016-71, the Tax Court found that a taxpayer’s hair-braiding             activity qualified as a business, where the taxpayer had a genuine, if optimistic, … Continue reading

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S Corporation Basics

An S corporation is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to your shareholders and taxed at their individual tax rates. However, unlike … Continue reading

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C-Corporations and Pass through corporations can contribute to the Georgia GOAL Scholarship Program and receive a much needed benefit.

Corporations can receive a tax credit for amounts contributed to the GOAL Scholarship Program and many corporations have done so. For “C” corporations, the tax credit is available up to 75% of their annual Georgia income tax liability. Owners of … Continue reading

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Tax Credits for Real Estate Investors

For real estate investors, tax credits can be tricky.  Most investors can save more by classifying fix-ups as deductible repairs rather than depreciable improvements.  But in the case of rehabilitation and renovation expenses this may not be the case since … Continue reading

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Save Money By Hiring Your Family

“Allowance” and other financial aid you extend to your children, grandchildren, or even parents is a deductible business expense if you pay them to perform bona fide work for your business and pay them reasonable compensation for that work. Of … Continue reading

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Electing S Corp status for your LLC

Since we usually get a number of questions regarding the impacts of an LLC electing to be taxed as an S Corporation we thought it would be beneficial to address some of these issues. An LLC is a legal structure, … Continue reading

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Simplified Home Office Deduction Next Year?

The IRS, in an attempt to ease the burden on small business, has introduced procedures to significantly simplify the home office deduction rules.  These rules, pending comment and final approval, would be effective for the 2013 tax year. Under the … Continue reading

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Qualified Small Business Stock Exclusion is BACK

Very few things get an accountant excited, but this is one of them. Congress previously passed a law that allowed a taxpayer that acquired original issued C Corporation stock of a qualified small business to excluded up to $10 million … Continue reading

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2013 Standard Mileage Rate Increases

Good news for 2013! The optional business standard mileage reimbursement rate and the standard mileage rate for medical and moving expenses has increased for 2013. Standard business mileage rate is 56.5 cents per mile Standard medical & moving mileage rate is 24 … Continue reading

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How sole proprietors, partners, and 2% S corp shareholders can deduct Medicare premiums

In Chief Counsel Advice (CCA),  the IRS has provided guidance on the requirements for a sole proprietor, partner, or 2% shareholder of an S corporation to deduct Medicare premiums as medical care insurance. Further, the CCA concludes that all Medicare … Continue reading

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