by Andrea Caluma | Oct 6, 2024 | Tax Planning
As a business owner of a partnership, understanding how your compensation and earnings are reported and taxed is crucial for managing your finances and staying compliant with IRS regulations. Unlike S-Corporations (S-Corps), partnerships cannot pay their owners a W-2...
by Andrea Caluma | Aug 18, 2024 | Tax Planning
Why Corporations and S-Corporations Cannot Deduct Shareholder Expenses Directly on the Corporate Return When it comes to managing business expenses, corporations and S-corporations face specific rules and limitations, particularly concerning the expenses...
by Clark Boyd | Jul 21, 2024 | Tax Planning
When it comes to filing taxes, understanding the difference between tax credits and tax deductions is crucial. Both can significantly reduce your tax liability, but they work in different ways. This article will delve into the distinctions between tax credits and...
by Clark Boyd | May 24, 2024 | Tax Planning
With the storm and power outages last week, Texas has been declared a Federal Disaster. What does this mean? When a state is declared a federal disaster area by the President of the United States, it triggers a series of federal assistance measures under the Robert T....
by Clark Boyd | Apr 14, 2024 | Filing, Small Business
Navigating the World of Business Expense Deductions: A Comprehensive Guide for Small Businesses In the dynamic landscape of small business operations, understanding the nuances of business expense deductions can significantly impact your financial health and tax...
