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Should my Business be an S-Corp or LLC?
Should My Business Be an S-Corp or LLC? Both S-corporations and LLCs are popular structures for small businesses, but there are some key differences that can make an S-corporation a particularly attractive option for certain entrepreneurs. Let's dive into the...
What is the Best Type of Retirement Plan for My Small Business?
I can't stress enough how important it is for small business owners to consider the structure of their business carefully, especially when the objective is to save money on taxes and protect personal assets. Forming an LLC, or Limited Liability Company, can be a...
Are You Eligible for the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a federal tax benefit in the United States designed to provide financial assistance to low and moderate-income individuals and families. The EITC was introduced in 1975 as a way to incentivize work and reduce poverty. It is one...
How do I File a Tax Return for Someone That Passed Away in the Middle of the Year?
I'm sorry for your loss. Filing a tax return for someone who has passed away is an important responsibility, as it ensures that all their tax affairs are in order. Here's a general guideline on how to file a tax return for someone who died during the year: Final...
Can Income Tax Debts Be Discharged in Bankruptcy?
Filing for bankruptcy can be a daunting process, but it's an option some individuals consider to alleviate overwhelming debts. One of the most common misconceptions about bankruptcy is the notion that it's impossible to discharge tax debts. The truth, however, is that...
Understanding Depreciation Recapture Before You Sell a Business Asset
When delving into the world of tax and property, one might come across the term "depreciation recapture." While it might seem intimidating at first, a comprehensive understanding of this concept can help taxpayers avoid surprises during tax season. This article breaks...
Understanding the Mileage Tax Deduction for Self Employed
Deducting miles for business purposes is one of the more common tax deductions available to self-employed individuals. The process can be straightforward, but it's crucial to maintain meticulous records to support your deductions. Here's a step-by-step guide: 1....
Tax Advantages of an S-Corp over a Sole Proprietorship
When entrepreneurs begin their journey, one of the critical decisions they face is the type of business structure to adopt. While there are various business structures to consider, sole proprietorships and S-corporations (S-corps) are two of the most common. While...