Tax Day is behind us, but the recent tax scramble serves as an opportunity to discuss the tax obligations of businesses. The type of business structure chosen directly impacts tax obligations. Entrepreneurs that are considering choosing a business structure are wise to review the tax applications of each option before moving forward.
Controlling intellectual property online is a difficult task. Software, written works and even images can proliferate and the rightful owner may have a difficult time enforcing protections. The disputes that can arise were recently highlighted when a scientific group released the first ever photo of a black hole.
One of the key benefits to most types of business formation is protection from personal liability. Business owners may choose an LLC, LP or corporation for various reasons, but all three generally protect the owners from any debts or lawsuits the business itself may face.
The legal marketplace is changing. Attorneys are doing more than just practicing law, they are becoming entrepreneurs and starting their own practices in their preferred area of law. Recent data shows 23 percent of legal practitioners were interested in opening their own practices in 2016 -- a huge jump from the previous poll in 2005 showing only 5 percent were considering this business move.
There are many perks to owning your own business. You set the budget, expectations and goals -- but you also must assure that all laws are followed and tax obligations are fullfilled. For some, this is another perk. The ability to control these details may bring a sense of joy akin to completing a difficult puzzle. For others, the details may seem more of a required burden. Regardless of which description you can relate to, business owners must ensure the work is done.
The Internal Revenue Service (IRS) reviewed tens of thousands of small business tax returns in 2017.
Successful entrepreneurs may have difficulty translating their business style into an effective leadership strategy. A few tips that can help business leaders provide quality leadership for their personnel include:
Business owners are preparing to file for taxes under a whole new federal income tax regime. The Tax Cuts and Jobs Act (TCJA) passed last year led to the biggest change to the tax code in decades. A number of these changes directly impact small and medium sized businesses. Three specific changes to keep in mind when gathering data and documents for your returns include:
Legal tools can help the longevity of a family business. Two options to consider when aiming to keep a family business in the family include trusts and shareholder or buy-sell agreements.
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific section of the Act has produced some confusion for small business owners: the qualified business income deduction. This deduction has gone into effect for 2018 tax returns. As such, it is important to have a basic understanding of how the deduction could impact your taxes related to your business income.