The answer is yes, but the path to maximizing this deduction requires careful planning, strict compliance with IRS rules, and a long-term strategy. This gu [...]
Electing S corporation tax status can unlock meaningful savings and signal a new stage of professionalism in your business. It also introduces stricter com [...]
Selecting the optimal entity has numerous benefits and can make a positive impact immediately. For example, small business owners can cut their tax burden [...]
Maximizing every eligible tax credit and deduction, including QBI, is an essential business practice. Because this deduction was supposed to sunset after 2 [...]
Many entrepreneurs reach a point where self-employment taxes cut too deeply into profits, which is when the S corp election becomes a smarter financial mod [...]
Introduced under the Tax Cuts and Jobs Act of 2017, it allows eligible taxpayers to deduct up to 20% of their QBI component, reducing taxable income and po [...]
Understanding how to take money out of your LLC without triggering unexpected tax liabilities can be complex. This excellent guide demystifies LLC distribu [...]
This guide breaks down what assets, liabilities, and equity really mean for your business, how they shape your balance sheet, and how to use them as a deci [...]
This entity offers a powerful way to save on self-employment taxes while still being shielded by limited liability protection. But before you dive in, you’ [...]