Business
One of the biggest tax-related questions for business owners is whether the IRS will classify an activity as a business or a hobby. The answer has major tax implications: If
October 28, 2024
Skip to content One of the biggest tax-related questions for business owners is whether the IRS will classify an activity as a business or a hobby. The answer has major tax implications: If
When tax fraud schemes come to light, they often highlight the importance of understanding tax regulations and the severe consequences of non-compliance. In a recent case, a Mexican national was
As a business owner, understanding the IRS audit triggers is essential for staying on the right side of tax compliance and avoiding potential issues. Many taxpayers, including business owners, inadvertently
The case of Jason Svonavec, a prominent businessman involved in coal mining, crane services, and agriculture, serves as a stark reminder of the consequences of misrepresenting expenses for tax purposes.
Running a successful business in 2024 requires more than just a good idea—it demands strategic planning, effective management, and attention to financial details. In this post, we’ll explore key business
Maintaining accurate and organized tax records is crucial for every business owner. Proper recordkeeping can not only ensure that your tax returns are prepared accurately, but it can also protect
As a business owner, operating an S Corporation (S Corp) comes with various tax benefits, but it also requires diligent adherence to IRS regulations. The key to maintaining your S
When you own a small business structured as an S corporation, it’s crucial to understand the rules that govern your corporation’s status. One key aspect of maintaining your S corporation
Understanding the Nuances for Business OwnersFor many small business owners in the U.S., forming a limited liability company (LLC) or a partnership is a common way to structure their businesses.
Expanding your business beyond domestic borders can be an exciting and lucrative venture. As small business owners increasingly dip their toes into the global market, understanding the tax implications of
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