By Entrepreneur Staff The S corporation is often more attractive to small-business owners than a standard (or C) corporation. That’s because an S corporation has some appealing tax benefits and still provides business owners with the liability protection of a corporation. With an S corporation, income and losses are passed through to shareholders and included on…
How to Reduce Taxes When You Sell Your Home
If your home’s value has soared, congratulations. If you decide to sell, beware. Financial advisor James Guarino says some clients don’t realize that home sale profits are potentially taxable until their returns are prepared—and by that time, they may have spent the windfall or invested the money in another house. “They’re not happy campers when…
5 Reasons Entrepreneurs Should Hire Their Children
By Tom Wheelwright As a small business owner, hiring your children can be a win-win for everyone in the family. Here are the five top reasons why entrepreneurs should hire their children. 1. Tax Deduction for Your Company The most obvious reason to hire your children is to have their salary as a tax deduction. The…
5 Tips to Help You Stay on Top of Your Taxes
Tax season can be pretty daunting for small business owners and freelancers. If you pay quarterly taxes, you may realize that you need to be more on top of your tax documents and track your business finances efficiently. Falling behind on your taxes years after year is all-too-easy when you’re running a business. It can…
9 Red Flags that Could Lead to a Tax Audit
The IRS chooses some taxpayers and audits their tax returns every year. And an audit is examining or reviewing your informations and accounts to ensure you’re reporting things correctly and following the tax laws, which is troublesome for taxpayers. In 2016, the IRS audited one million tax returns. Although this is less than one percent of the…
How Do Wealthy People Get Away With Not Paying Their ‘Fair Share’ of Taxes?
By Gene Marks Just last month it was revealed from an investigation of IRS data by media platform ProPublica that—surprise, surprise—the wealthiest of the wealthy (Bezos, Buffet, Musk, etc.) did not pay their “fair share” of income taxes over the past 15 years. What do we mean by “fair share?” The bipartisan Tax Foundation says that…
The States Can Save Us?
Commentary By now, it’s fairly obvious that with this leadership lineup of Joe Biden running the White House, Nancy Pelosi ruling the House, and Charles Schumer presiding over the Senate, no good ideas are coming from the feds anytime soon. Things are so bad in Washington these days that Schumer recently declared that the best…
How to Reduce Your Taxes for 2023—Tips for Families With Children
Raising children can be expensive and it’s not getting any cheaper. One excellent place to start keeping more money for your family is to pay less in taxes. There are several ways to reduce your tax bill for the next year—and the earlier you start, the more money you will save. Take Advantage and Learn…
What to Do If There’s a Mistake on Your Business Taxes
For small-business owners, preparing an income tax return is far from simple, which can increase the chances of making a mistake. Here are six steps that small-business pros say you can take to cope with that hair-on-fire feeling of discovering an error after you’ve filed—plus how to get things fixed quickly so you can go…
Best Ways to Use a Tax Refund
By the first of May you have either received your tax refund or are checking every day to see if it has been deposited to your account or is in your mailbox. If you have not decided on how to use the refund, here are some suggestions on how to take advantage of this money….
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