NKSFBTax Insights
If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
July 10, 2023
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.
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Tax News for Investors and Users of Cryptocurrency
July 5, 2023
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets.
Four Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”
June 26, 2023
If you’re the owner of an incorporated business, you know 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 dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is only taxed once — to the employee who receives it.
There’s a Favorable “Stepped-Up Basis” If You Inherit Property
June 20, 2023
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order.
Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space
June 12, 2023
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings.
Use the Tax Code to Make Business Losses Less Painful
June 5, 2023
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
Choosing an Entity for Your Business? How About an S Corporation?
May 30, 2023
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.