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Tax Implications of Shutting Down a Sole Proprietorship

Tax Implications of Shutting Down a Sole Proprietorship

Tags: Business Income Tax Deduction, QuickBooks Bookkeeping, Sarasota CPA, Tax Planning As you consider shutting down your sole proprietorship or your single-member LLC treated as a sole proprietorship for tax purposes, it’s crucial to understand the tax implications...
The Kiddie Tax and How to Avoid It

The Kiddie Tax and How to Avoid It

Tags: Business Income Tax Deduction, CPA Sarasota, QuickBooks Bookkeeping, Tax Planning The kiddie tax was enacted by Congress to prevent parents from passing investment income to their children, typically those with a lower tax rate. Under the kiddie tax rules, a...
Helicopter View of 2023 Business Meals and Entertainment

Helicopter View of 2023 Business Meals and Entertainment

Tags: Business Income Tax Deduction, QuickBooks Bookkeeping, Sarasota CPA, Tax Planning As you may already know, there have been some major changes to the business meal deduction for 2023 and beyond. The deduction for business meals has been reduced to 50 percent, a...
Last-Minute Year-End General Business Income Tax Deductions

Last-Minute Year-End General Business Income Tax Deductions

Tags: Business Income Tax Deduction, QuickBooks Bookkeeping, Sarasota CPA, Tax Planning The purpose of this post is to get the IRS to owe you money using business income tax deductions. Of course, the IRS will not likely cut you a check for this money (although, in...