Significant changes to tax laws can ripple through every corner of the economy, impacting how individuals and businesses manage their finances and make decisions. In years marked by tax reform, careful income tax planning becomes a vital tool to stay ahead. And 2025 may be one of the most important years in almost a decade […]
small business
Taxation of LLCs
Limited Liability Companies (LLCs) have become a popular choice for entrepreneurs and small business owners due to their flexibility and liability protection. One of the key advantages of forming an LLC is the flexibility it offers regarding taxation.
By default, LLCs are pass-through entities, which means that the business’s profits and losses are reported on the owners’ personal tax returns. However, LLCs also have the option to change this default treatment through a tax election (aka the “check-the-box election”). No matter what election you make for tax purposes you will still legally be an LLC and no tax election would change that.
Tax Planning: Don’t Let the Tax Tail Wag the Dog
When it comes to income taxes, many people assume that saving means spending more money on eligible deductions. While certain expenses can be deductible, tax planning is much more than just blindly spending more money to save in income tax. Smart tax planning involves restructuring your finances, optimizing deductions, and making strategic decisions that can save you significant money without necessarily requiring excessive spending.
5 Things Every S Corporation Owner Should Know
There are few things in the tax world that have as much misunderstanding and misinformation than S Corporations. S Corporations can help small businesses achieve various goals but only if set up and administered correctly with a good understanding of the tax law. Below are 5 things every S Corporation owner should know, and should have known prior to being taxed as an S Corporation.
The Pass-Through Entity (“PTE”) Election: Is It Right for Your Small Business?
The PTE election can be a valuable tool in helping small businesses deduct more of their state income tax payments. Determining if the PTE election is viable for your small business depends on many factors that aren’t able to be covered here.
Start Planning Now for Higher Tax Rates in 2026
The sunsetting of the Tax Cuts and Jobs Act (TCJA) is fast approaching, and with it comes the expiration of many of the provisions that have been in place since the act was passed in 2017. One of the most significant changes that will occur when the TCJA sunsets is an increase in tax rates […]