Author Archives: Cordasco
2021 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to … Continue reading
Hiring your minor children this summer? Reap tax and nontax benefits
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. … Continue reading
An S corporation could cut your self-employment tax
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business … Continue reading
Traveling for business again? What can you deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These … Continue reading
Plan ahead for the 3.8% Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if … Continue reading
Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating … Continue reading
Know the ins and outs of “reasonable compensation” for a corporate business owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not … Continue reading
Home sales: How to determine your “basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax … Continue reading
Cordasco Launches New Assessment Tool for Entrepreneurs
In conjunction with Rob Cordasco’s new book “A Framework for Growth”, we have developed a quick assessment tool to help entrepreneur’s determine their current life cycle and gain valuable information about how to avoid common pitfalls and build a world … Continue reading
Overview of Biden’s Proposed American Families Plan
President Biden released a fact sheet on his just proposed changes to the tax system early on April 28, 2021. Warning! This is just a proposal by President Biden. As such it is short on details. This is not law … Continue reading