Tax Resources for Small Business

Pass-through entities – also known as flow-through entities – are a popular choice for small business owners due to their tax advantages and asset protection features. But what exactly are they, and how do they compare to other business structures? This post explores their definition, tax treatment, pros and cons, and whether they might be the right choice for you.

Tax laws change every year, and staying updated is crucial for business success. The 2024 tax year brings updates to deductions, depreciation, and retirement plans. Understanding these changes can help optimize your tax strategy and maximize your savings. Let’s explore the key tax updates for businesses in 2024.

The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) report, which became effective on January 1, 2024, is a regulatory requirement of the Corporate Transparency Act (CTA) of 2021. Specifically, the report specifically aims to combat financial crimes and ensure transparency in financial transactions by containing identifying information about the company’s beneficial owners.

Employee morale can be a challenge for small businesses. One affordable way to boost your team’s spirits is by implementing an achievement awards program. Not only can this motivate your employees, but it may also provide valuable tax benefits for your business.

Although the IRS audits only 1% to 2% of small business, you do not want to risk an audit. Avoid certain items that can possibly raise red flags for the IRS.