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Lesley L. Price, CPA

Recent Posts

Determine a Reasonable Salary for a Corporate Business Owner

Posted by Lesley L. Price, CPA on Mar 12, 2020

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are withdrawn as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the employee who receives it.

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Posted in Business Tax

How Business Owners May Be Able to Reduce Tax by Using an S Corporation

Posted by Lesley L. Price, CPA on Feb 20, 2020

Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation.

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Posted in Business Tax

Nonprofits: Are You Ready For the New Contribution Guidance?

Posted by Lesley L. Price, CPA on Jan 07, 2020

When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts.

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Posted in Not For Profit

Small Businesses: It May Not Be Too Late to Cut Your 2019 Taxes.

Posted by Lesley L. Price, CPA on Dec 20, 2019

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including:

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Posted in Business Tax

The Tax Implications If Your Business Engages in Environmental Cleanup

Posted by Lesley L. Price, CPA on Nov 20, 2019

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.

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Posted in Business Tax

Nonprofits:New Alternatives for Reporting Goodwill & Other Intangibles

Posted by Lesley L. Price, CPA on Oct 15, 2019

Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations? Many merging nonprofits, including educational institutions and hospitals, welcome these practical expedients. Here are the details.

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Posted in Business Tax

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Posted by Lesley L. Price, CPA on Sep 17, 2019

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation.

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Posted in Business Advisory

Top 10 Trends in the Nonprofit Industry

Posted by Lesley L. Price, CPA on Aug 15, 2019

The nonprofit industry is anything but static. Many outside factors impact their daily operations. Following is a list of what some believe to be the top 10 trends that are currently impacting nonprofit organizations.

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Posted in Business Tax

Take a Closer Look at Home Office Deductions

Posted by Lesley L. Price, CPA on Jul 29, 2019

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle if you meet the tax law qualifications.

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Posted in Business Tax

Which Entity is Most Suitable for Your New or Existing Business?

Posted by Lesley L. Price, CPA on Jun 25, 2019

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.

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Posted in Business Advisory

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