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[Business Tax Tip] Operating as a C corporation: Weigh the benefits and drawbacks
/in News, Tax Tips - Business/by Betty KimWhen deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows the […]
From flights to meals: A guide to business travel tax deductions
/in News, Tax Tips - Business/by Betty KimAs a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and […]
How can you build a golden nest egg if you’re self-employed?
/in News, Tax Tips - Business/by Betty KimIf you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also […]