S Corporation Pros vs Cons
The Advantages vs. Disadvantages of the S Corporation Entity First let’s define what an S Corporation is. After forming a corporation or an LLC, an election is made to be taxed as an S corporation. The S Corporation is a…
Susan Bannwart
Only Real Property can be used in Section 1031 Like-Kind Exchange
Only Real Property can be used in Section 1031 Like-Kind Exchange Are you considering selling your real property to purchase another real property? Would you like to defer your taxes or better yet make it tax free? Here are six…
Tis the Season for Charitable Contributions
Tis the Season for Charitable Contributions For the year 2021, the IRS has expanded certain charitable donations which may help you and your businesses increase your tax-deductible donation amount when donations are made by the end of the year. Don’t…
Six Powerful Business Tax Deductions
Six powerful business Tax deduction strategies The calendar year end is now upon us, and that means tax season is just around the corner! Will you benefit from all the expenses allowed to you and your business in 2021? Here…
ESOPs
Employee Stock Ownership Plans A quote from Wayne W. Dyer is “Begin with the end in mind. Start with the outcome and work backward to make your dream possible.” In starting your business, you need to have the end in…
What determines if Travel Days are Business or Personal?
What determines if Travel Days are Business or Personal? When travelling to a business location where you spend the night, you are in travel status. You can deduct the cost of travel in addition to costs of sustaining life for…
Independent Contractor vs Employee Classification
Independent Contractor vs Employee Classification Should you hire your worker as an employee or independent contractor? The IRS relies on three factors to determine whether a worker is classified as an independent contractor or employee as follows: Behavioral control. If…
Deducting Meals and Entertainment Expenses from Your Tax Return
During the COVID-19 pandemic, restaurants were either closed completely or forced to offer limited services. In helping the restaurant industry get back on its feet, the IRS, by way of Notice 2021-25/Section 274, is allowing your business to also benefit…
The Difference between Markup and Margin and Why it Matters
Construction business owners use the terms Markup and Margin interchangeably because they describe the relationship among sales, cost and profit. However, they have different meanings and are not calculated the same way. Markup is based on job costs. Margin is…
Understanding Your Financial Statements
Tell me if this sounds familiar: You reach the end of the month, you’ve paid all your subcontractors, the projects are finally wrapped up, and you check your business bank account to find … nothing. The bills are all paid,…