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The recent tax reforms have introduced new considerations for high earners in choosing their business structure, particularly regarding the benefits of operating as an S corporation. The key incentive is the Section 199A deduction, which allows qualifying business owners to deduct 20% of their qualified business income (QBI). This article delves into the implications of […]

State pass-through entity taxes (PTET) have become a prevalent strategy for businesses across the U.S., allowing them to bypass the $10,000 annual limit on state and local tax (SALT) deductions imposed by federal tax law. The primary advantage of PTETs is that they enable owners of pass-through businesses—such as multi-member LLCs, partnerships, and S corporations—to […]

In the United States, the tax system operates on a “pay-as-you-go” basis, requiring taxpayers—individuals and corporations—to make tax payments throughout the year based on income earned. This system ensures that tax liabilities are paid incrementally rather than in a lump sum at year-end. Payments can be made through withholding from wages or estimated tax payments, […]

When deciding whether to buy or lease a business vehicle, evaluating which option costs less involves more than just comparing initial and ongoing expenses. The decision should account for available cash, tax benefits, and the time value of money. The Key Differences Between Leasing and Buying Buying: When you purchase a vehicle, you own it […]

Understanding how long the IRS has to audit your tax returns can alleviate some anxiety about potential audits. This period, known as the Assessment Statute Expiration Date (ASED), dictates the maximum time the IRS has to audit and assess taxes. After this period, any tax assessment made is considered an overpayment that must be credited […]