The process of closing a corporation can be hectic and complex, especially for its founders and shareholders. The tax issues can be very confusing, but the IRS has given a clear-cut...
Posted by Abundant Wealth Planning LLC on 08/06/2021
The White House and Treasury released the first details of the Biden administration's 2021 tax reform proposal, a major focus in Washington, DC. Tax code changes are expected in...
Posted by Tiffany Gaskin on 07/16/2021
Taxes on trust funds can create big problems for small businesses. When an employer withholds part of an employee's salary to pay income tax, health insurance, and social security,...
Posted by Taxes Made EZ Inc on 05/19/2021
The May 17 deadline for filing your income tax is just a day behind us and if you’ve gotten an extension for your 2020 return, there will be penalties imposed by the IRS. If...
Posted by Dennis Jao on 05/18/2021
The significant difference between S corps and partnership is the protection limited liability that S corps business owners enjoy. Partnerships, however, do not have this protection,...
Posted by Jim McClaflin, EA, NTPI Fellow on 04/27/2021
Imagine that you could invest in real estate with all the advantages and a few disadvantages of the market. You can skip the process of buying and maintaining a property and jump straight...
Posted by Dennis Jao on 04/06/2021
The grantor, which can also be called the creator, settlor, trust maker, or trustor, is the party who forms the trust. For married couples, if the trust was established jointly, they...
Posted by CORE PERFORMANCE on 04/06/2021
All businesses have to pay different types of taxes, some easier to understand than others. Corporate taxes are of different types: federal, state, and local.There are also different...
Posted by Abundant Wealth Planning LLC on 03/28/2021
Legal fees are deductible if business expenses are incurred. The deduction can be claimed on corporation returns (for example, in a partnership form 1065) or directly on Schedule C...
