When a business generates losses instead of profits, it can be a financially devastating experience. However, these losses can be used to offset taxable income in the future, thereby...
Posted by Taxes Made EZ Inc on 04/27/2023
A C corporation is a type of business entity that is formed under state law and is taxed separately from its owners. On the other hand, an LLC is a business entity that provides limited...
Posted by Taxes Made EZ Inc on 03/25/2023
A net operating loss (NOL) occurs when a business has deductible expenses that exceed its taxable income for a given tax year. In other words, it is a tax loss that a business can...
Posted by Pat Raskob on 02/22/2023
A Ponzi scheme is a monetary scam in which a promoter offers investors exceptionally high or substantial returns on investment. Gullible investors give their money to the conspirator...
Posted by Taxes Made EZ Inc on 01/17/2023
What is a consolidated tax return?A consolidated tax return is a corporation tax return for a group of affiliates that choose to report their combined tax payable in one tax return....
Posted by Dennis Jao on 12/18/2021
After Hurricane Katrina, it became quite common for Congress to enact tax legislation that provides tax relief for victims of natural disasters. The Internal Revenue Code's (IRC)...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/19/2021
When allowable deductions exceed gross income in a fiscal year, you end up with a net operating loss. To calculate your business's net operating loss, you must deduct the tax deductions...
Posted by Dennis Jao on 11/16/2020
One of the more intricate provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation of business interest expenses. At first glance, this limitation seems simple, but the...
Posted by Taxes Made EZ Inc on 10/30/2020
Tax advisors are involved in all aspects of their clients' personal and financial lives, and when a taxpayer dies, they can be one of the most valuable family counselors. Although...
Posted by Dennis Jao on 10/14/2020
