Business Taxation

How to Get a Tax Benefit from Business Losses

How to Get a Tax Benefit from Business Losses

If you are a new startup, you may realize a small profit at the end of the year, buton paperyou report a loss. Reporting a loss on paper is common for some new startups during the first two or three years. Thisis especially true when someone is turning a hobby into a profitable business venture. Depending on the type of business entity you choose after speaking with a Maryland business attorney, you could benefit from those losses while you are building and growing your business. 

Understanding Small Business Health Care Deductions

Understanding Small Business Health Care Deductions

Health insurance premiums can be very expensive for a small business. To offset some of that expense for small businesses, The Affordable Care Act provides a small business health care tax credit. The tax credit can reduce the cost of employee health coverage for a small business. If you need assistance with this small business tax deduction or other tax deductions to reduce your tax liability, you can get more information from a Maryland business attorney.

Should My LLC be Taxed as an S-Corporation?

Should My LLC be Taxed as an S-Corporation?

An LLC may elect how it wants to be taxed: as a sole proprietorship, partnership, S-Corp, or C-Corp. Depending on the situation, electing one income tax structure over another income tax structure for an LLC can provide important tax benefits for the company and the owner. Because tax law can be complicated, it's beneficial to discuss your concerns and needs with a Maryland business tax attorney before electing how your LLC should be treated  for tax purposes.

What Can a Tax Attorney Do For You?

What Can a Tax Attorney Do For You?

A Maryland tax attorney can do many things for clients. We are not only called upon when someone has a problem with the Internal Revenue Service (IRS) or other taxing authority. A tax attorney can help you with all matters related to personal and business taxes with two goals in mind – reducing your tax burden and preventing an audit.

Want to Lower Your Tax Liability? Partner Up With Your Spouse

Want to Lower Your Tax Liability? Partner Up With Your Spouse

Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.

How Do You Select Your Business Formation State?

How Do You Select Your Business Formation State?

A corporation may be formed in any state while conducting business and being physically located in the business owner’s state of residence. A DC business attorney guides business owners in choosing the state for the formation of a business that offers the business the best advantages of incorporation. 

5 Things You Didn't Know About the Client Entertainment Deduction in 2018

5 Things You Didn't Know About the Client Entertainment Deduction in 2018

Many of the changes made by the Tax Cuts and Jobs Act of 2017 benefit businesses. However, some of the changes may make it more difficult for businesses to write off certain expenses. For example, changes in the entertainment deductions for 2018 may cost companies thousands of dollars, especially for companies who have a strong sales department that entertains clients and potential customers on a regular basis.

The IRS Placed a Tax Levy on My Bank Account – What Are My Options?

The IRS Placed a Tax Levy on My Bank Account – What Are My Options?

A tax levy is a legal action that allows the IRS to legally take property in order to pay off a tax debt. As a result of IRS litigation and other actions, you could see your wages garnished, assets frozen, or even the seizure of your vehicles and real estate. This is not something that happens overnight though. The IRS must satisfy a number of requirements before can actually issue a levy.

Business Tax Compliance - Is Your Company Compliant with Tax Filings?

Business Tax Compliance - Is Your Company Compliant with Tax Filings?

For many companies, especially smaller businesses, the tax code is a large source of unnecessary frustration. While the individual tax code is complex enough, the reporting and filing burden on companies is even higher. In addition to the federal requirements, each state has its own tax code which includes its own tax forms, payment thresholds, filing deadlines, filing schedules, and payment thresholds, among other unique requirements and obligations. Business tax compliance can be a true nightmare.

Top 4 Tax Mistakes Your Company is Probably Making

Top 4 Tax Mistakes Your Company is Probably Making

The signing of the Tax Cuts and Jobs Act the end of the year ushered in several changes to the US Tax Code. Even though tax day comes at around the same time each year, many companies still scramble to get everything in at the deadline since going through receipts, bank statements, and other documents can be a time-consuming and tedious affair. Proactive tax compliance can often make tax preparation a less-stressful affair. In addition, avoiding these four tax mistakes can save you time, money, and stress over the next few years.

Do I Have to Issue a 1099 to Independent Contractors I Paid Via Third-Party Vendor Services Like PayPal, Venmo or Wave?

Do I Have to Issue a 1099 to Independent Contractors I Paid Via Third-Party Vendor Services Like PayPal, Venmo or Wave?

For a business, regardless of the business entity or the size of the business, taxation is anarea in which even a small mistake can become very costly. Failure to properly account for payments to independent contractors can lead to steep penalties. However, penalties, interest, and additional taxes are not the only consequences a business owner should worry about when making a tax-related mistake. Business taxation mistakes can lead to expensive and time-consuming tax audits.

Changes In The New Tax Cuts And Jobs Act That Could Change The Way Small Businesses Operate

Changes In The New Tax Cuts And Jobs Act That Could Change The Way Small Businesses Operate

The sweeping tax reform bill known as the Tax Cuts and Jobs Act will overhaul the way the tax code treats businesses – whether small businesses or large multinational corporations. While it is not possible to gauge the exact ways different provisions will impact small businesses, it is very likely that the overall tax burden will be reduced for the majority of small businesses.