Section 1202: Small Business Stock Capital Gains Exclusion
Selling your business? What if I told you that you could exclude up to $10 Million from the sale of your business if you meet certain parameters? It is important business owners take note of the requirements as they are very important in order to qualify for the exclusion. Section 1202 of the Internal Revenue Code is a very beneficial tool and the exclusion and easily be applied to your sale. Section 1202 is known as the Small...
Year-End Tax Planning Tips for small businesses
You still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Here are five possible moves to consider — but stay tuned for developments. Congress is currently considering some major tax changes. If approved, it’s unclear when they will all take effect. Claim 100% First-Year Bonus Depreciation for Last-Minute Asset Additions Thanks to...
Getting the most out of the Home Office Deduction
Over the past few months, nature has forced many working Americans and small business owners to work from home. Whether it be due to COVID-19, natural disasters, or the recent snowstorm that impacted almost all of the lower 48 United States, more Americans are working from home than ever before. A small consolation to working from home is that taxpayers can count part of that heating bill as a home office expense on their tax return....
Major update regarding the new Tax Law
IRS Releases Final Regulations Under Section 199A (20% Deduction) It’s been over a year since the Tax Cuts and Jobs Act has been passed, and the IRS is providing the final pieces of clarity of the infamous section 199A deduction which allows you to not pay tax on 20% of the Qualified Business Income. In previous articles and publications we have taken each individual proposed regulation or finalized regulation and defined it in order...
Our Current Issue
Free Magazine & eNewsletter
Current Supplements
