New Tax Developments for S Corporations
An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by thousands of dollars. When a business is just starting out, the owner often chooses […]
Can a Retroactive Tax Hike Happen This Year?
There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President and Congress hold the power to raise taxes retroactively, meaning that the increase could apply anytime during that same calendar year. The […]
Happy Birthday, Corinna Garcia!
It’s always a party at our neighborhood spot, El Mirasol. Corinna’s birthday was a great excuse to indulge in some tasty treats!
Why File a Business Tax Return If I Didn’t Make Money?
There’s much more to lose than gain when failing to file a business tax return. You must file if you make money, of course, but it’s also essential to file when you break even or when you lose money. The rules on filing taxes depend on how your business is structured. Corporations, including LLCs treated […]
Taxes on Collectibles
Many valuable coins, stamps, artwork, cars, and other collectibles are considered alternate investments by the IRS. With the pandemic reportedly sparking new interest in memorabilia and the trading of collectibles going digital–some using online tokens as payment–it’s time to brush up on what that means for your taxes. Click To View