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© Encore Partners LLP 2021 – all rights reserved
site design by digitalstoryteller.io
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
/in News, Tax Tips - Business/by Betty KimIf you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]
Tax advantages of hiring your child at your small business
/in News, Tax Tips - Business/by Betty KimAs a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for […]
Is an S corporation the best choice of entity for your business?
/in News, Tax Tips - Business/by Betty KimAre you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation […]