Closing a Business? Here’s How to Stay on Top of Your Tax Duties
Closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.
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Sending the Kids to Day Camp this Summer?
If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit.
Four ways corporate business owners can help ensure compensation is “reasonable”
If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation…