When you buy a business, you have much to consider. To start with, you need to consider the type of entity that owns the business now and the type of entity you will use to operate the business. On top of that, every asset of the business you are going to buy impacts your tax results. Let me suggest that [...]

Are you thinking of creating a partnership for your business? Let us start with some good news: Forming a business partnership is usually tax-free. Of course, this is tax law, so you must meet the basic requirements for a tax-free formation, and you need to avoid the situations that cause you to owe taxes on the transfer of property. Requirements [...]

You likely know that the home-office tax deduction provides tax savings to business owners. It turns otherwise nondeductible personal expenses into valuable business deductions. When you operate your business as a proprietorship, you simply deduct home-office expenses on Schedule C, but when you operate your business as an S corporation, you face special rules to achieve the same benefits. And [...]

You may be thinking of buying a new or replacement vehicle. This brings up some tax issues to consider. First, should you own the vehicle in your personal name, or should you have your corporation own the vehicle? Let’s say that it makes financial sense for you to own the vehicle personally. In this case, you could deduct the vehicle [...]

There’s really nothing more valuable to a business than good employees, particularly those who stick with you for years and years. One way to honor those employees is to give them a meaningful present or award. The tax code includes a special carve-out for “employee achievement awards,” which means that when you buy something for your employees in recognition of [...]