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Can officers and shareholders deduct corporate expenses?
/in News, Tax Tips - Business/by Betty KimDo you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible […]
10 Facts of pass-through deduction for qualified business income
/in News, Tax Tips - Business/by Betty KimAre you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations. It may also be claimed […]
2021 Q3 tax calendar: Key deadlines for businesses and other employers
/in News, Tax Tips - Business/by Betty KimHere are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, […]