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Category: Business Tax Consulting

Business Tax Consulting

R&D credit against payroll tax

Claiming the R&D credit against payroll tax or AMT

Business Tax Consulting, Business Valuation, Payroll Taxes, R&D Tax Credit, Tax & Business /

Smaller taxpayers now are afforded greater flexibility.   The Protecting Americans From Tax Hikes Act of 2015 (PATH Act), P.L. 114-113, contained several provisions favorable to taxpayers that incur qualified research and development (R&D) expenditures. Perhaps most importantly, it made permanent the previously temporary credit for increasing research activities (R&D credit) and added provisions allowing […]

Claiming the R&D credit against payroll tax or AMT Read More »

LLCs

Accounting for LLCs Conversions

Business Tax Consulting, Business Valuation, Limited Liability Company, Tax & Business /

Today, limited liability companies can be found everywhere. With their flexible management structure, LLCs have become a common way to own and operate a business. Professionals (doctors, lawyers, accountants, and engineers), as well as software and computer-based companies and a wide array of other small businesses, are increasingly using this form of organization. LLCs offer

Accounting for LLCs Conversions Read More »

asset-share-sale

Deciding Between an Asset Sale or Entity Sale

Business Tax Consulting, Business Valuation, Individual Tax, Others, Tax & Business /

Deciding Between an Asset Sale or Entity Sale Businesses can be sold, and their assets transferred, either through an asset sale or entity sale.1 In an asset sale, the entity sells its tangible and intangible assets to the buyer, while the entity’s owners retain equity in the entity. On the other hand, in an entity sale,

Deciding Between an Asset Sale or Entity Sale Read More »

Invest Opportunity

How to Invest in Opportunity Zones: Options to Get Started

Business Tax Consulting, Business Valuation, Investment, Start-Up, Tax & Business /

Many investors are now wondering how to invest in Opportunity Zones themselves. In addition to considerable immediate and long-term tax advantages, Opportunity Zone investments offer wider access to tax incentives. Unlike tax credit programs of the past, Opportunity Zone investments come with significantly fewer restrictions, which opens up access to the new investment option. Despite

How to Invest in Opportunity Zones: Options to Get Started Read More »

angel investors

The Secret Angel Investment Tax Credit That Could Save You Millions

Business Tax Consulting, Investment, S-Corporation, Start-Up, Tax & Business /

Section 1202 tax exclusion provides angel investors and entrepreneurs with a 100% tax break of up to $10 million.   Over the past few months, I’ve been surprised to find that very few angel investors and entrepreneurs are aware of one of the most important developments for startups in a long time. If you are

The Secret Angel Investment Tax Credit That Could Save You Millions Read More »

QSBS Election – A Method Used to Sell Shares in a C Corporation Completely or Partially Income Tax-Free

Business Tax Consulting, Business Valuation, Start-Up, Tax & Business /

Flex Tax and Consulting Group discusses the QSBS election – a method used to sell shares in a C corporation completely or partially income tax-free. Selling shares in a business completely (or partially) income tax-free sounds too good to be true, right? Perhaps not. To the delight of many an owner, if certain qualifications are

QSBS Election – A Method Used to Sell Shares in a C Corporation Completely or Partially Income Tax-Free Read More »

investment

INVESTMENT-SPECIFIC INTEREST AND TAXES

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Tax & Business /

Home- and Mortgage-Related Deductions Mortgage interest deductions capped In the past, homeowners who took itemized deductions could count interest payments on debt related to buying, building or “substantially improving” a home — on debt up to $1 million. That’s been capped at $750,000 and applies to homes purchased after Dec. 15, 2017. Homes bought prior

INVESTMENT-SPECIFIC INTEREST AND TAXES Read More »

tax-time-clock-alarm

FOUR TAX PREPARATION TIPS TO CONSIDER FOR 2020

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

With so many forms to complete and numbers to keep track of, tax preparation can quickly become a stressful, time-consuming activity—testing the limits of your patience and taking time away from what’s important. But with some careful record-keeping and organization, you can take away some of that stress and make filing next year’s tax return

FOUR TAX PREPARATION TIPS TO CONSIDER FOR 2020 Read More »

file tax business-accounting-overwork

DO I HAVE TO FILE TAXES?

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Payroll Taxes, Tax & Business /

Although nearly 200 million Americans file tax returns every year, not everyone has to. But new tax laws and other filing requirements may have changed. Whether some of these citizens who haven’t had to file before legally require to file a tax return now. Previously, your age, income level, and filing status (married, single, etc.)

DO I HAVE TO FILE TAXES? Read More »

IRS real-estate-or-property

USING THE INVESTMENT TAX AND INTEREST DEDUCTION WORKSHEET

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Tax & Business /

IRS taxes on your net investment income can add up quickly, putting a serious dent in what you’ve made over the past year. Fortunately, the investment tax and interest deduction worksheet may provide a way to offset some of that cost. Help ensure more of that money stays in your pocket. Start by Learning What is

USING THE INVESTMENT TAX AND INTEREST DEDUCTION WORKSHEET Read More »

organized tax

Organized Your Tax Paperwork

Business Tax Consulting, Business Valuation, Estate and Trust Tax, Individual Tax, Investment, IRS Form 1041, Payroll Taxes, S-Corporation, Self-Employed, Start-Up, Tax & Business /

You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.

Organized Your Tax Paperwork Read More »

small businesses

How to File Federal Income Taxes for Small Businesses

Business Tax Consulting, Business Valuation, Individual Tax, Investment, S-Corporation, Self-Employed, Start-Up, Tax & Business /

Depending on your business type, there are different ways to prepare and file your taxes. When it’s time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as

How to File Federal Income Taxes for Small Businesses Read More »

FICA

How FICA Tax and Withholding Tax Work in 2019

Business Tax Consulting, Business Valuation, Individual Tax, Payroll Taxes, Tax & Business /

Here are the taxes coming out of your paycheck — and how you can change them. Payroll taxes, including FICA tax, are what your employer deducts from your pay and sends to the IRS, state or other tax authority on your behalf. Here are the key factors, and why it’s important to monitor your withholding tax.

How FICA Tax and Withholding Tax Work in 2019 Read More »

RUS

How do I verify capital gain for ESPP and RSU?

Business Tax Consulting, ESPP, Individual Tax, RSU, Tax & Business /

What are restricted stock units (RSUs)? When companies offer equity to employees, they usually offer stock options (like ISOs or NSOs) or restricted stock units (RSUs). You typically don’t get to choose which type of stock you receive; instead, what you receive depends on your role and the size, stage, and preferences of your company. But regardless of

How do I verify capital gain for ESPP and RSU? Read More »

tax reform bill

Your 2019 Taxes: What You Need to Know About the Tax Reform Bill

Business Tax Consulting, Estate and Trust Tax, Individual Tax, Tax & Business /

Just when you were starting to get comfortable with your annual chore of tax filing, things changed. The 2018 tax reform bill hit the scene. Over the past year, you’ve heard about updates ranging from tax rates to deductions, and your head is spinning. Not that you’ve ever loved tax season (who does?), but now

Your 2019 Taxes: What You Need to Know About the Tax Reform Bill Read More »

international_tax

Do not pay tax to US if you perform your service outside US – Personal Service Income

Business Tax Consulting, Individual Tax, Tax & Business /

When it comes to personal service income, all wages and any other compensation for services performed in the United States are generally considered to be from sources in the United States. The place, where the personal services performed, generally determines the source of the personal service income. Regardless of where the contract was made, or

Do not pay tax to US if you perform your service outside US – Personal Service Income Read More »

A/B/C Trust

Estate Tax Planning – Setting up the ABC Trust or Q-TIP Trusts to reduce federal estate taxes

Business Tax Consulting, Estate and Trust Tax, Q-TIp Trust, Tax & Business /

An A/B/C Trust (sometimes referred to as a “Q-TIP” or “Qualified Terminable Interest Property” Trust) is similar to an A and B Trust in purpose and function. However, an A/B/C Trust is for married couples with estates that are clearly above the estate tax exemption amount. The benefit of an A/B/C Trust as opposed to

Estate Tax Planning – Setting up the ABC Trust or Q-TIP Trusts to reduce federal estate taxes Read More »

1041 Estate and Trust Income Tax Return

Estate & Trust Tax Return Tips for the Clients

Business Tax Consulting, Estate and Trust Tax, IRS Form 1041, Tax & Business /

Do You Need to File a Tax Return for the Estate? A deceased person’s estate is a separate legal entity for federal income tax purposes. If you’re the executor of someone’s estate, you may need to file an income tax return for the estate, as well as a final personal income tax return for the

Estate & Trust Tax Return Tips for the Clients Read More »

start up business

Business Structures that Start-Up Companies and Small Business Should Know

Business Tax Consulting, Individual Tax, Limited Liability Company, Payroll Taxes, S-Corporation, Self-Employed, Start-Up /

Have you ever thought about starting your own business? Starting a company today is both harder and easier than ever before. It is more challenging because a larger number of opportunities have been capitalized on, and a greater number of people appear to be trying. If you are thinking of starting a company, then one

Business Structures that Start-Up Companies and Small Business Should Know Read More »

Taxpayers can go to IRS.gov for answers to questions about payments and penalties

Business Tax Consulting, Individual Tax, Payroll Taxes, Tax & Business /

Questions about tax payments and penalties come up all year long. Taxpayers can find most answers to these questions on IRS.gov. They can head over to the Let Us Help You page, which features links that take users to information and resources on a wide range of topics related to penalties and payments. Payments Payment options

Taxpayers can go to IRS.gov for answers to questions about payments and penalties Read More »

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