The number of business owners who I have met that are overpaying on their taxes is astonishing. Many of them were already working with a CPA.
Almost all the clients we helped already have a bookkeeper, accountant, or CPA; some are even their family members or friends. Unfortunately, we found it is very rare that they are also tax strategists.
The IRS will facilitate the grant of relief to late-filing S Elections entities by consolidating many other revenue procedures.
A C-Corporation structure may be more beneficial. Under the Tax Cuts and Jobs Act, corporate income tax rates are a flat 21% compared to individual tax rates.
If you are a sole-proprietor operating with an LLC, you can elect to be treated as an S-corporation for tax purposes.
If you have a business location outside of your home, but also maintain a home administrative office to run your business, you can claim the home office as your primary office.
With the new Covid Relief Bill, we’ve got some big changes to the Paycheck Protection Program, including forgiveness and deductibility.