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Returning Value Blog

The Possible Tax Landscape for Businesses in the Future

Posted by Lesley L. Price, CPA on Aug 06, 2024

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it.

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Posted in Business Tax

Closing a Business Involves a Number of Tax Responsibilities.

Posted by Nick Wheeler, CPA on Aug 01, 2024

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.

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Posted in Business Tax

Be Aware of the Tax Consequences of Selling Business Property

Posted by Lesley L. Price, CPA on Jul 09, 2024

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year.

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Posted in Business Tax

Hiring Your Child to Work at Your Business This Summer

Posted by Jessica L. Pagan, CPA on Jul 02, 2024

With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages.

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Posted in Business Tax

2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jul 01, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

Should You Convert Your Business From a C to an S Corporation?

Posted by Jessica L. Pagan, CPA on Jun 11, 2024

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations.

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Posted in Business Tax

Tax Tips When Buying the Assets of a Business

Posted by Lesley L. Price, CPA on May 20, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways:

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Posted in Business Tax

The Tax Advantages of Including Debt in a C Corporation Capital Structure

Posted by Nick Wheeler, CPA on May 16, 2024

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure:

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Posted in Business Tax

When Partners Pay Expenses Related to the Business

Posted by Jessica L. Pagan, CPA on May 07, 2024

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to and from client meetings, professional publications, continuing education, and home office. What’s the tax treatment of such expenses? Here are the answers.

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Posted in Business Tax

Small Business Taxpayer Exemptions

Posted by Lesley L. Price, CPA on Apr 04, 2024

“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!”

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Posted in Business Tax

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