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The election to apply the research tax credit against payroll taxes
/in News, Tax Tips - Business/by Betty KimThe credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features […]
Making withdrawals from your closely held corporation that aren’t taxed as dividends
/in News, Tax Tips - Business/by Betty KimDo you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives […]
Keeping meticulous records is the key to tax deductions and painless IRS audits
/in News, Tax Tips - Business/by Betty KimIf you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported […]