Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That […]
Author Archive: rudleradmin
Has your business purchased a software that does not meet it needs?
Making mistakes is something nobody enjoys, and this sentiment is particularly heightened in the business realm, where an erroneous decision can cause financial losses, wasted time, and resource depletion. Recent survey findings shows that a significant number of companies are incurring substantial costs by purchasing inappropriate software. The report in question is the 2024 Tech […]
Do you know that, Kiddie tax can affect your children until they’re young adults?
The “kiddie tax” is a regulation that could lead to a portion of a child’s unearned income facing taxation at the parents’ higher marginal federal income tax rates, as opposed to the general lower rates applicable to children. It’s important to note that, within the scope of this federal income tax provision, an individual classified […]
Are you aware your businesses may qualify for tax credit if your employees receive tips?
Food and beverage and other hospitality service businesses where tipping is customary may qualify for a federal tax credit including Social security and Medicare( FICA) taxes on the tip income received by their employees. Credit fundamentals The FICA credit applies to tips that your staff members receive from customers when they buy food and beverages. […]
Conduct a Comprehensive Assessment to Evaluate the Efficiency of Your Business Operations
In the vast realm of mergers and acquisitions, where due diligence is a customary prelude to finalizing deals, business buyers meticulously investigate the financial, legal, and operational facets of the target company. However, as a business owner, why not turn the tables and embark on a self-conducted exploration of your own company? While delving into […]
Securing a Medical Expense Tax Deduction is Attainable, Though Challenging
As you embark on your New Year’s resolution to prioritize your health, you might find yourself wondering about the possibility of claiming a tax deduction for your out-of-pocket medical costs. While the idea is enticing, the process is not without its challenges and limitations. Deducting medical expenses is contingent on several factors, including the […]
Postpone Immediate Tax Payments through a Like-Kind Exchange
For those considering the sale of appreciated commercial or investment real estate, the prospect of a hefty tax bill on the gain might give pause. However, a strategic approach to defer such tax obligations exists through a Section 1031 “like-kind” exchange. This unique transaction allows you to exchange the property instead of selling it outright. […]
Internal benchmarking reports – you have options
There is so much to do at the end of the year, but if you have been keeping up with your financials you will have a plethora of information from throughout the year. With this information you can spot positive and negative trends to help you plan and benchmark for the upcoming year. Benchmarking can […]
Thinking of moving states? Don’t forget to look into taxes!
There are many reasons you may be moving to a new state. Whether you are retiring to a warmer environment, wanting to be closer to family, or moving for a new job, you don’t want to forget to factor state and local taxes into the decision – it may be more complex than you think.
2024 changes to the standard business mileage rate
When deducting automobile expenses you have the option of deducting your actual expenses or calculating the miles driven for business use multiplied by a factor. For 2024 that factor is going up by 1.5 cents per mile. So if you are using a car, van, pickup or panel truck for business, the cents-per-mile rate is […]